THE global headwind surrounding China has been a theme for a long time now as it has a significant effect on the financial and the capital markets. Global negative vibrations have sent stock prices of Chinese companies listed in Hong Kong and New York to very low levels. All the asset managers I speak with are underweighted on Chinese stocks.

Chinese direct investments in the United States fell to $2.5 billion last year, around the same level as back in 2005 and down from a peak of $48 billion in 2016. There are many descriptions with associations to a cold war, naturally based on the cold situation between the US and China as main actors.