是时候买入中国了？彭博.docx

China’s$2TrillionStockRallyLuresGlobalFundWhoThinkRoutsWorstIsOver

/news/articles/2024-06-06/china-s-2-trillion-stock-rally-lures-global-fund-holdouts-despite-risks

ByZijiaSongandSujataRao作者：ZijiaSong和SujataRao

China’s$2TrillionStockRallyLuresGlobalFundHoldoutsDespiteRisks

尽管存在风险，中国2万亿美元的股市反弹仍吸引全球基

金持有股票

·Investorswhocutexposurenowsayit’s‘timetogetinvested’

削减敞?的投资者现在表?，现在是“投资的时候了”

·Propertypolicies,economicupticksupportinvestmentcase

房地产政策、经济回升?持投资案例

Globalfundmanagerswho’dbeenholdingbackonChinaarewadingbackin.

?直对中国持保留态度的全球基?经理正在重新涉?。

TheMSCIChinaIndexhasclimbed24%froma

Januarylow,whenworriesovertheChineseeconomy,anentrenchedpropertycrisis,seeminglyfutile

stimuluseffortsandsimmeringtensionsbetween

BeijingandWashingtonhadpromptedmanyinvestorstopullback,orentirelycut,theirChinaexposure.

摩根?丹利资本国际（MSCI）中国指数已从1?份的低点攀升了24%，当时对中国经济的担忧、根深蒂固的房地产危机、看似徒劳的刺激措施以及北京和华盛顿之间酝酿的紧张局势促使许多投资者撤回或完全削减其对华风险敞?。

That’schangingasanimprovingeconomicoutlookandfreshgovernmentmeasurestoshoreupthe

housingmarketconvincemoreandmoreglobalinvestorsthattheworstisover.

随着经济前景的改善和政府为?撑房地产市场?采取的新措施，越来越多的全球投资者相信最糟糕的时期已经过去，这种情况正在改变。

Evenaftertherallysputteredsomewhatinrecent

weeks—withpropertysharesretreatingsharplyfromtheirhighs—ChineseandHongKongstocksasa

wholearestillupbysome$2trillioninmarketvaluesincetheJanuarylow,makingChinaanoutperformeramongemergingmarkets.Newlyconfidentinvestorsseeroomforfurthergains,withGoldmanSachsGroupInc.sayingtherecentpullback“providesabetterentrypoint”forinvestors,ratherthanapathtowarda

newlow.

即使最近?周涨势有所放缓——房地产股从?点?幅回落——中国和?港股市整体的市值仍?1?份的低点上涨了约2万亿美元，使中国在新兴市场中表现出?。新近充满信?的投资者看到了进?步上涨的空间，?盛集团

（GoldmanSachsGroupInc.）表?，最近的回调为投资者“提供了?个更好的切?点”，?不是通往新低的道路。

“Thebottomhaspassedandit’stimetogetinvested,”saidGen