China’s contrasting path offers the potential for uncorrelated returns

The writer is chief investment officer at Bank of Singapore

Like it or not, China is different. The populous nation resides in an alternate universe where Covid-19 restrictions prevail and economic activity strains at the gates for gradual reopening.

But while global equity markets are suffering their worst first half-year start since 1970, Chinese stocks may be the one major market to offer uncorrelated positive returns in the second…