China performed well during 2020 despite the impact of Covid-19 and the protectionist policies from former US President Donald Trump.
The MSCI China index rose 29.5% in 2020, outperforming the MSCI Emerging Markets index by 10.9%. Exports and PMIs recovered robustly from March as economic activity, capacity utilisation and population mobility started to improve after Covid cases peaked. Domestic liquidity and fiscal spending were boosted, facilitating a V-shaped economic recovery. Globally, governments and central banks announced unprecedented levels of monetary and fiscal stimulus throughout the year to aid a global economic recovery. This response has resulted in a weakening US dollar and increased capital inflows...
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