When Goldman Sachs analysts questioned in September whether China was investible, it came as a genuine shock.
Just six months earlier that term would have invited bafflement, even derision. China bounced back fast from the initial effects of Covid, buoyed by turning on its factories full blast to export everything from tablets to hand sanitizer.
But if 2020 was a banner year, with the economy skirting recession and global holdings of local stocks rising 62% to Rmb3.4 trillion ($533 billion), according to data from Gavekal Dragonomics, 2021 has been anything but.
First came the crackdowns, with Beijing targeting privately run technology and education platforms. Ed-tech firms such as New Oriental Education and TAL Education have seen the value of their New York-listed shares eviscerated.
