邁向2030年之路

情境

我們的情境旨在幫助激發想像,重點指出具有尚未貼現的變化之領域。他們令投資者細心思考在某些條件滿足時,因此在必須作決定前的投資判斷。
我們的情境旨在幫助激發想像,重點指出具有尚未貼現的變化之領域。他們令投資者細心思考在某些條件滿足時,因此在必須作決定前的投資判斷。
In this section we have sketched out a number of scenarios related to our themes and sub-themes. Their role is to avoid the extremes of "interesting but useless" on the one hand and "useable but not very interesting" on the other.

We present these as stories because stories are memorable in a way dry facts cannot be—and thereby aid in imagining and planning for the future.

Under each theme we highlight what we believe to be the 'base case' which represents the scenario we believe most has most probability of occurring. From this base case are two other scenarios which we believe investors should consider.

"Scenarios are incredibly useful to condition the gut for investors. They ask investors to think through the investment judgment they would make if certain conditions are fulfilled and therefore before the decision actually has to be taken." - Sahil Mahtani

Scenarios

01
The rise of a China-centred Asia
02
Technological disruption
03
Climate change
04
Debt
05
Demographics
06
Europe
07
The future of liberalism
01

The rise of a China-centred Asia

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The emergence of all consuming middle classes in China, and more generally in Asia, is inexorably shifting the centre of economic gravity east. As China transitions from an unsustainable growth model to a more consumption led model, it will be increasingly able to project geopolitical power in its neighbourhood and beyond.

BASE

Scenario 1

The baton passes: The mantle of global economic leadership passes from the US to China

China continues to evolve away from an investment-led to a sustainable consumption-led economy, with the pandemic providing an incentive for more reform. The debt stock stabilises via bankruptcies, supply-side reforms and prudent regulation. The Chinese consumer becomes the engine of the world economy and significantly reorients trade and investment patterns across Eurasia.

 

‘Made in China 2025’ allows China to develop advanced semiconductors, which contributes to technological self-sufficiency. China projects strength in its neighbourhood.

The dollar becomes less important as Chinese-led payment systems bypass SWIFT. The US economy turns inward under successively nationalist administrations and, with growing energy self sufficiency, feels less need to project power abroad. The “liberal order” becomes a historical description of a bygone era, like the League of Nations.

 

Scenario 2

Co-ompetition: China and the US continue to grow, with friction, much as they have over the last decade

Chimerica continues in circumscribed form despite the tensions of the 2010s. The Chinese economy stumbles in the context of trade tensions, while its debt clean-up reduces growth rates and slows real wage growth. China’s economy has become the largest in the world, but its financial system remains trapped under the weight of its unsustainable growth model. However, China continues to generate real income growth per capita—as did Japan, keeping political stability intact.

 

The US economy continues its below-trend growth without seeing productivity pick up. It continues to elect leaders that make suboptimal domestic and foreign policy decisions, while continuing to be occupied by the domestic ferment in its politics.

Technology sectors in the US and China decouple, and perhaps vital healthcare products, but few other sectors do. Both cooperation and conflict co-exist amid uneasy but growing economic ties. The liberal order continues to fray as the US and Europe diverge.

Scenario 3

The challenger stumbles: China’s economy weakens, while the US economy goes from strength to strength

Chinese regulators finally bite the bullet in resolving China’s high credit growth and debt stock, but this causes a domestic loss of confidence. A series of policy errors in addressing black swans calls attention to China’s fragile economic governance.

The property market does not stabilise but begins a long decline, underpinned by a demographic bust. The RMB goes above 10 to the dollar, causing a severe recession in Asia.

 

Meanwhile, the US elects a progrowth, pro-stability president who begins to resolve political polarisation in a way that commands the confidence of business. Growth, productivity and wages begin to rise.

The “liberal order” gives way to a less euphoric affirmation of key European and US policy goals to one more tempered by realism. It is joined by India and Japan and decarbonisation, fiscal policy and the growth-inequality trade-off are addressed.

重要資訊

本通訊的資訊可能會討論一般的市場活動或行業趨勢,不擬作為預測、研究或投資建議的憑據。本通訊提供的經濟及市場觀點反映晉達資產管理截至所示日期的判斷,可能會隨時更改,恕不另行通知。概不保證所表達的觀點及意見正確無誤,晉達資產管理將來買入或沽售特定證券的意圖可能會改變。投資觀點、分析及市場意見可能並未反映晉達資產管理的總體觀點,按不同的投資目標可能會表達不同的觀點。晉達資產管理根據內部建立的數據、公開及第三方來源擬備本通訊。儘管我們認為來自公開及第三方來源的資訊均為可靠的,但我們並未對其作出獨立審核,因此我們不能保證其準確性或完整性。晉達資產管理的內部數據可能未經審核。

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