Webinar: China Equities Outperform India for 2023

Bottom Line: We now feel that China equities can outperform the U.S. (CSI 300 v S&P500) by 10-15% this year, rather than 5-10% we identified in the December outlook. The reopening is going quickly and with less major disruption than we thought, which can start to benefit real sector data in Q1 and produce upside cyclical economic and earnings risks. Meanwhile, Indian equities have underperformed, both on RBI tightening feeding through and as global investors switch from underweight China/overweight India. India equities can outperform the U.S. in 2023, but lag Chinese equities. On a 5yr view we still see this as being India’s decade and China will still have the structural headwinds of the labor force peaking and slowing productivity growth.

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