UBS On-Air: Market Moves Talking Markets Podcast (Investing in China) with Andrew Mattock, Matthews Asia
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Oct 23, 2025 Andrew Mattock, a seasoned Portfolio Manager at Matthews Asia, shares his insights on China's evolving market landscape. He discusses the factors behind China's recent rally, including government stimulus and improved consumer sentiment. Mattock highlights the potential impact of AI investments and trade diversification on market recovery. He also addresses risks such as the property sector drag and the pace of economic transformation. Lastly, he provides strategic advice for U.S. investors eyeing opportunities in Chinese equities.
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Rally Fueled By Low Base And Policy Support
- China's market rally since late 2024 reflected an extremely low starting valuation and targeted government stimulus.
- Improved communication and easing trade friction amplified investor confidence from April 2025 onwards.
Property Market Drives Next Phase
- The property market is the main determinant for a broader Chinese recovery over 6–18 months.
- Inventory rundown at developers and improved consumer sentiment would broaden and sustain the rally.
AI CapEx Benefits Chinese Corporates
- AI-related CapEx is channeling investment and earnings into China because components and data-center buildout occur there.
- That makes AI a rare cycle where tech investment benefits Chinese corporates directly.