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Allianz Global says China will lift Covid-Zero policy

Allianz Global Investors, a global investment management firm, is confident that China will lift its Covid-Zero policy even as other investors expect the Chinese government's strategy to remain in place. The statement is also contrary to President Xi Jinping's stance to keep the Covid-Zero policy. China’s Covid-Zero policy and its worsening property crisis crimped economic growth, while investors continue to fret over ongoing tensions with the US. Anthony Wong, lead manager for the USD1.2bn All China Equity Fund, said it is time to buy shares in the tourism and leisure sectors, such as duty-free shops and hotel chains. They are among the biggest overweights in his portfolios, alongside renewable energy, electric vehicle supply chain and health care, which he expects to benefit from the nation’s structural growth trends. Despite ongoing criticism of China’s outlook, he said its markets are still investable on a long-term horizon.


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