“With positive policy development, the light at the end of t...

“With positive policy development, the light at the end of the tunnel is more visible,” JPMorgan Private Bank said in a report on December 16. “China equity markets have turned from a bear market into a trading market, and with an upside bias.”

The bank raised its 2023 forecasts for the MSCI China Index and the CSI 300 Index, implying a mild 2 to 8 per cent upside in the former, and a 1 to 7 per cent gain for the latter. Still, it believes most of the near-term positive news could have been priced in or even front-loaded.