Allianz GI's Dwane: American dream is still alive - just not in America

Excited about China's prospects

Allianz Global Investors' chief global strategist Neil Dwane has said he is particularly excited about China's prospects, despite the country having recently been downgraded by credit ratings agency Moody's.

Speaking at the Allianz Global Investors annual Asia conference, Dwane said emerging markets are a good investment for creating capital appreciation over time, with China being one of the best examples. He said: "The biggest mistake an investor can make is to be short term. In emerging markets, be it the income or equity space, you can be greatly rewarded for sticking to your guns even when the going gets tough." John Redwood: Why China now faces more difficult decisions As China shifts away from a manufacturing-led towards a consumer-driven economy, Dwane said the country must als...