Our reporter Wang Ning

  Against the background of China's stable and sound economic operation, Chinese assets continue to be favored by foreign investors.

On December 7, a number of foreign-funded institutions told the "Securities Daily" reporter that they will continue to be optimistic about China's economic growth in 2023, of which consumption will make the biggest contribution; for the Chinese stock market, based on the strong resilience of high-quality companies and the abundant market Liquidity is optimistic in the medium and long term.

  According to the data from the private equity ranking network, as of December 7, a total of 45 domestic and foreign private equity funds have been registered for the year, an increase of 25% over the same period last year; from the perspective of product strategy, the number of stock-type products is the top, as many as 31, It reflects the continued optimism of foreign capital on the Chinese stock market.

  Consumption contribution is optimistic

  "In 2023, China's annual economic growth will still maintain a good momentum. Among them, consumption will make the largest contribution to the increase in economic growth." Zhu Haibin, chief economist of JPMorgan Chase China and director of economic research in Greater China, told the "Securities Daily" reporter , is expected to show a high growth trend for two quarters.

  Zhu Haibin believes that the main drivers of China's economy in 2023 include opening up, real estate, consumption and exports.

First, consumption is expected to contribute the most to China's GDP growth in 2023; second, investment is expected to contribute moderately to GDP growth in 2023; third, export growth in 2023 is expected to be the same as in 2022.

  Regarding the Chinese stock market, Liu Mingdi, chief Asia and China equity strategist at JPMorgan Chase, told reporters that it is estimated that by the end of 2023, the MSCI China Index has a 10% upside potential, and earnings per share generally have a 14% increase.

"Since the beginning of November, China's stock index has rebounded earlier than expected. With the gradual strengthening of consumer and business confidence, China's economy will improve substantially, and China's economic development will be optimistic about 2024."

  Growth stocks are more favored

  According to data from the private equity ranking website, as of December 7, there were a total of 45 domestic and foreign private equity funds registered for the year, an increase of 25% compared to the 36 funds in the same period last year.

  Specifically, among the 45 foreign-funded private equity products filed during the year, 30 came from large-scale private equity managers with a scale of more than 5 billion yuan, and 6 came from medium-sized foreign-funded private equity managers with a scale between 1 billion and 5 billion yuan. Nine of them came from small foreign private equity managers with a scale ranging from 0 to 500 million yuan.

It can be seen that this year's small and medium-sized private equity issuance products have shown a steady growth trend.

  In terms of strategies, among the 45 foreign-funded products, there are 31 stock strategy products, 10 futures strategy products, 2 multi-asset strategy products, 1 fund of funds, and 1 other strategy products.

The stock strategy accounts for an absolute proportion of new products issued by foreign private equity, which fully reflects the continued optimism towards the Chinese market.

  Relevant persons from JPMorgan Chase also told reporters that under the background of the continuous opening up of China's financial market, JPMorgan Chase will fully promote its business in China and invest in the Chinese market with "real money". After the product is launched, more global products and platforms will be introduced into the Chinese market.

  For the Chinese stock market in 2023, Liu Mingdi believes that growth stocks are more worthy of favor, mainly because: first, the consumption and cyclical industries in this type of stocks will directly benefit from the economic recovery; second, the MSCI China growth stocks Consumption weights up to 68% (optional, mandatory consumption and communications). Based on the optimism for the consumer sector, it is expected that such stocks will have a higher return.