The Bull Case for China: What’s Changed & Where to Invest - Lukasz de Pourbaix | Fidelity

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Oct 30, 2025

Lukasz de Pourbaix, Head of Strategic Sales & Solutions at Fidelity Australia, shares valuable insights on the changing landscape of China's economy. He discusses emerging opportunities, emphasizing a shift in investor sentiment powered by targeted government policies. De Pourbaix examines the valuation gap between Chinese firms and their Western counterparts and highlights the competitive edge in sectors like EVs and renewables. He also advises on specific investment opportunities while cautioning about geopolitical risks and the importance of selective investment strategies.

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INSIGHT

Market Outperformance Amid Negativity

China’s equity market has outperformed the US year-to-date despite heavy negative news.
Targeted policy, macro stability and shifting capital flows explain the improving market backdrop.

ADVICE

Watch Trends, Not Headlines

Look for gradual, measurable improvement rather than expecting a V-shaped recovery.
Watch policy actions and consumer confidence as signals to time and size your China exposure.

INSIGHT

Targeted Liquidity Over Broad QE

Targeted liquidity tools like swap facilities boost market confidence without broad QE.
Restoring consumer willingness to spend is central to a sustainable recovery.

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Today's guest thinks we need to rethink our views on China.

For year's the world's second largest economy has been seen seen as uninvestable. But there is evidence that things are starting to change. Tune in as we unpack where one of the world's largest investors is seeing opportunity in the Chinese market.

We are joined by Lukasz de Pourbaix, Head of Strategic Sales & Solutions at Fidelity Australia.

We cover:

The key changes in China we need to be aware of
The valuation gap between Chinese companies and their western peers
A deeper dive into the 'DeepSeek moment' and a look at China's AI
Where Fidelity see the most compelling opportunities

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Thank you to Fidelity for sponsoring this episode.

Learn more about the Fidelity Asia Active ETF by visiting their website.

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