Wij denken dat de omvattende hervormingsplannen voor de Chinese kapitaalmarkt een stap in de goede richting zijn, maar dat de markt er nog niet al te veel vertrouwen in lijkt te hebben dat de overheid echt bereid is de kortetermijnpijn erbij te nemen om deze hervormingsvoorstellen in te voeren.
Door rekening te houden met de impact op de reële consumenteninkomens van vaak lagere prijzen voor de niet-verhandelde goederen en diensten in lagelooneconomieën, en de impact van wisselkoersschommelingen op korte termijn door kapitaalstromen buiten beschouwing te laten, vormt de koopkrachtpariteit volgens ons een juistere weerspiegeling dan de officiële wisselkoersen of de relatieve grootte van verschillende economieën.
Zoals ik al vaak heb gesteld, vergt beleggen op de opkomende markten geduld, een langetermijnperspectief en een doordachte aandelenselectie.
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