Our Views on China

China Thumbnail
Old and modern buildings in Shanghai. Photo taken in May.
Filippo Maria Bianchi/Getty Images
Bridgewater has been visiting and studying the evolution of China’s economy and financial markets for more than 30 years. Over that time, decades of reform in China have resulted in one of the greatest economic transformations of our lifetimes. Looking forward, China is poised to continue growing as a driver of global economic and financial activity and presents a rare opportunity for global investors to access a large, liquid, and highly diversifying market.

Consistent with this reality, we have spent the past several years expanding our already deep engagement with China, including increasing our presence on the ground (we operate offices in Beijing and Shanghai), increasing our holdings of Chinese assets in our global All Weather strategy, launching a new strategic allocation to Chinese markets (All Weather China) in 2018, and proactively sharing our thoughts with our community on the Chinese economy and markets through our research.

Below we offer a handful of timely perspectives on China that have grown out of this engagement. They include our thoughts on current and future Chinese economic conditions, our framework for constructing an allocation to China, and details on the implications of ongoing geopolitical tensions for investors.

More Featured Research

November 2020
Ray Dalio, Kevin Rudd, David McCormick, Jim Haskel
The US-China relationship will undoubtedly be the most important bilateral relationship impacting the world over the next decade. In this three-part series, Bridgewater Founder and Co-CIO Ray Dalio, former Prime Minister of Australia Kevin Rudd, and Bridgewater CEO David McCormick put the US-China relationship in context. They explain how it has developed, what the major points of competition are, and how the evolution of this relationship may impact investors.
September 30, 2020
Jason Rotenberg, Kate Dunbar, Simiao Li
Though every global economy and market was largely subjected to the same first-order effects of the pandemic, China’s economy and assets have performed very differently than the rest of the world. This divergence highlights the value of geographic diversification, especially with regards to Chinese markets. Given its size, rapidly opening capital markets, unique position in the business cycle, and non-zero rates, tracking China closely has never been more important, and the diversification it offers has never been more valuable.
December 4, 2019
Paul Podolsky
In addition to Bridgewater's permanent staff in Beijing and Shanghai, a number of our US-based employees take regular trips to China. The goal is to deepen our understanding. In particular, we find getting out of the biggest cities provides useful perspective. Below are the notes from our most recent trip.
April 23, 2019
Greg Jensen
Co-Chief Investment Officer Greg Jensen outlines the value of a balanced portfolio allocation to China, and provides a template for how to invest in a manner designed to maximize benefit for institutional portfolios.
October 17, 2019
Investing in China today provides opportunities for US investors beyond just the potential for a higher return stream. It also equips them with the knowledge and experience to engage with a massive foreign economy in the future. In an appearance at UTIMCO, Co-CIO Bob Prince discussed why it’s critical to be informed on China and ready for the next decade.
June 7, 2019
Members of our investment research team discuss Bridgewater’s approach to understanding and systematically measuring the various dimensions of trade tension through new gauges and monitors, and translating that into potential impact on economies and markets.
July 12, 2018
Ramsden Betfarhad, Bob Prince, Olivia Gong, Connor O'Steen
Members of our investment research team trace the underlying goals of US & Chinese policymakers, the actions they may take to achieve those goals, and the range of outcomes entailed by unfolding conflict.
June 18, 2018
Ray Dalio
Ray Dalio shares his thoughts on the evolving trade dispute between China and the US, and the fundamental differences in values and approaches that lie beneath the conflict.
April 19, 2018
Bob Prince, Erin Miles, Daniel Crowley, Oliver Simon
Within a decade or so there is a high likelihood that the Chinese equity market will be on par with the US and European equity markets in terms of its size and importance to global investors. With this in mind, a top-down view of the Chinese equity market in relation to the US and Europe shows similarities in their fundamental drivers and important differences in how things are playing out.
March 27, 2018
Greg Jensen, Paul Podolsky, Sean Macrae, Nicholas Bernold
Most global investors have very small allocations to China that do not appropriately reflect the size and importance of the Chinese economy or its assets. We expect that will change significantly over the next few years, and we would encourage investors to think proactively about the exposure they want to China now.
September 29, 2017
Greg Jensen, Paul Podolsky, Josh Blanchfield, Natalee Pei
China is in the process of opening up and restructuring its capital markets, and its markets are on pace to become some of the most important liquid, publicly traded markets in the world. As the credit markets open up alongside the equity markets, there is a greater ability for investors to create balanced portfolios of Chinese assets.
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