China in transition from manufacturing to services

> China’s economy is seeing an ongoing transition from manufacturing & investment to services & consumption at the same time that it is continuing to deregulate.

> This transition will entail slower growth than seen last decade and bouts of uncertainty. However, there is still no sign of the much feared hard landing in China.

> Meanwhile, the plunge in Chinese shares, particularly those listed in Hong Kong, has left them very cheap.

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