The Long View Louis-Vincent Gave: ‘The Future Is Being Built Over There’
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Feb 25, 2025 
Louis-Vincent Gave, founding partner and CEO of Gavekal Group, shares his journey from France to China and his unique insights on the macroeconomic rise of China. He discusses the competitive landscape of China's automotive industry and highlights innovations like flying cars. Gave delves into China's financial resilience amid global challenges and examines geopolitics, particularly regarding Taiwan and India. He also addresses the U.S. energy landscape and dollar dynamics, emphasizing the implications for global investments and Europe's financial climate.
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China's Equity Market Underperformance
- Chinese equities have underperformed due to a constantly growing share count from IPOs and right issues.
- This contrasts with the U.S. market, where buybacks and delistings shrink the share count.
Chinese Bond Yields Explained
- The collapse in Chinese bond yields is not a sign of economic weakness but rather of crushed business confidence.
- Entrepreneurs, fearful of trade wars and tariffs, hoard cash in banks, driving down bond yields.
China's Industrial Growth
- China's industrial production has grown significantly due to a shift in focus from real estate to industry.
- This was triggered by trade war fears and a desire for self-sufficiency.
