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China's assets see growing global appeal

Amid rising geopolitical tensions that have triggered persistent volatility in global prices of gold, oil, and industrial metals, as well as increased turbulence in global capital markets, Chinese assets have demonstrated unique resilience and allocation value.

A stable and improving macroeconomic landscape underpins the resilience of Chinese assets against market fluctuations. Data released by the National Bureau of Statistics shows that in the first two months of this year, China saw faster growth in production and supply, steady improvement in market demand, overall stability in employment and prices, and the rapid expansion of new quality productive forces, indicating a strong and promising start for the economy.

Institutional improvements in the capital markets have also helped consolidate the appeal of Chinese assets. In recent years, landmark policies such as the new "Nine Guidelines" have been implemented, with regulators continuously refining the mechanisms for channeling medium- and long-term funds into the market and enhancing the institutional inclusiveness and adaptability of the capital markets.

China is also drawing global attention with its energy security and supply chain strengths. With an energy self-sufficiency rate of 85 percent, China's A-shares and Hong Kong stocks have shown greater resilience amid geopolitical spillover effects. The country's relatively stable energy security framework and industrial system could serve as a "safe haven" for global capital.

This year's Government Work Report lists "accelerating the cultivation of new growth drivers" and "accelerating efforts to achieve self-reliance in science and technology" among its key tasks. Tax data released by the State Taxation Administration shows that in the first two months of this year, China maintained strong momentum in technological innovation, with sales revenue in the high-tech industry growing by 16.1 percent year on year, sustaining rapid growth. As a rising hub for technological innovation, China is drawing the attention of global investors and accelerating the value revaluation of its assets.

Policy

1. China's tax and financial regulators have jointly required tax authorities to establish province-to-province cooperation mechanisms with qualified banks to share corporate tax credit information, while urging banks to increase financing services for enterprises with good tax records. By the end of last year, banks had extended 15.7 trillion yuan in loans to small and micro enterprises through a mechanism for tax authorities and banks to share corporate credit information.

2. China will systematically upgrade outdated petrochemical and chemical facilities under a new action plan released on April 3 by seven government departments, including the Ministry of Industry and Information Technology. The plan, covering 2026 to 2029, aims to accelerate facility renewal and drive quality and efficiency gains in the industry.

3. China will push for higher-quality, more open, and better-governed e-commerce to support the real economy under new guidelines issued by six government departments, including the Ministry of Commerce. The guiding opinions on better serving the real economy and promoting high-quality development of e-commerce aim to strengthen the real economy through e-commerce development.

Data

1. According to the State Administration for Market Regulation¡¯s special press conference on logistics standardization, during the 14th Five-Year Plan period, China issued a total of 210 national standards in the logistics sector, achieving breakthroughs in multiple areas.

2. Data from the China Machinery Industry Federation showed that in the first two months of this year, the value-added output of the five major categories within China¡¯s machinery industry maintained a year-on-year growth trend. Among them, general equipment manufacturing grew by 8.9 percent, special equipment manufacturing by 8.8 percent, and automobile manufacturing by 3.4 percent.

3. Data from the Air Logistics Branch of the China Federation of Logistics and Purchasing indicated that as of March 31, 2026, a total of 47 new international air cargo routes had been launched nationwide, adding over 118 round-trip flights per week.

4. According to the Ministry of Industry and Information Technology, in the first two months of this year, the value-added output of small and medium-sized industrial enterprises above the designated size increased by 8.1 percent year-on-year, surpassing the growth rate for the entire year of 2025. Operating income and total profits grew by 8.6 percent and 23.5 percent year-on-year, respectively, indicating a significant improvement in profitability.

5. In the first two months of this year, Ningbo Zhoushan Port completed a container throughput of nearly 8 million TEUs, a year-on-year increase of 19.8 percent. Currently, the port has over 300 shipping routes, connecting more than 200 countries and regions worldwide.

6. According to the Ministry of Commerce, in the first quarter of this year, the consumer goods trade-in policy achieved positive results, spurring over 433.17 billion yuan of sales of relevant goods and benefiting 60.93 million people.

7. China Federation of Logistics and Purchasing released the China Bulk Commodity Price Index for March on April 5. The index stood at 129.9 points in March, up 4 percent month-on-month and 14.5 percent year-on-year, both better than the same period last year.

8. According to Shenzhen Customs statistics, in the first quarter of this year, the foreign trade container throughput of Shenzhen Port reached 8.5227 million TEUs, a year-on-year increase of 7.81 percent. Shenzhen Port currently operates 281 global shipping routes, connecting to over 300 ports in more than 100 countries and regions worldwide.

9. China on April 7 put its deepest offshore wind farm into full-capacity operation, marking breakthroughs in deep-water construction, large-scale turbine integration and precision installation technologies, according to state-owned China Huaneng Group. The project is located roughly 70 kilometers off the northern coast of east China's Shandong Peninsula in the northern Yellow Sea. Situated in waters between 52 and 56 meters deep, it is China's deepest commercial offshore wind project.

10. China recorded 135 million domestic tourist trips during the three-day Qingming Festival holiday, up 6.8 percent from a year earlier, while tourism spending rose 6.6 percent to nearly 61.37 billion yuan (8.9 billion U.S. dollars), according to the Ministry of Culture and Tourism.

(Source: Economic Daily)