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Social Security Reforms, Retirement and Sectoral Decisions
January 23, 2025--Summary
Hong Kong SAR's economy is on a path of gradual but uneven recovery following a protracted period of shocks. While the unemployment rate has declined to historical lows, employment loss has been sizable and domestic demand has remained weak amid tight financial conditions and property market downturn, both locally and in Mainland China.
The territory's integration with Mainland China, including in the context of the Greater Bay Area (GBA) initiative, has significantly increased in recent years, but rising regional competition has put pressure on some of its traditional growth engines, prompting the authorities to pursue new sources of growth, including from innovative, technology-driven sectors.
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Source: imf.org
2024 Marks Breakout Year for China's ETF Market with Unprecedented Growth
January 10, 2025-- China's ETF market demonstrated exceptional performance in 2024, with notable returns and substantial growth in assets under management. According to Wind, the average return of A-share ETFs (excl. ETFs launched in 2024) reached 11.36% for the year by December 31, and the total size of A-share ETF market reached USD 508 billion, a net increase of USD 223 billion from year-begin.
Notably, CSI 300 ETF (Code: 510310), ChiNext ETF (Code: 159915), and Star 50 ETF (Code: 588080) managed by E Fund Management ("E Fund"), the largest mutual fund manager in China, ranked among the top ten in asset growth, underlining the company's strong position in the industry.
A Two-Decade Journey of Growth
Since the launch of the first domestic ETF in December 2004, China's ETF market has expanded significantly. This growth is not only marked by an increase in assets but also by an acceleration in ETF issuance. In 2024, 30 fund companies launched 156 new ETFs, with E Fund leading the market by introducing 14 new products -the most among all issuers.
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Source: E Fund Management
China's Economy Has Not Peaked
January 7, 2025--Chinese policymakers should allow for a more market-driven allocation of land, money, and labor.
Summary
China's GDP is growing. Youth unemployment is down. And the property-market crisis is moderating. But the economy's dynamism is missing.
Rather than use "normal" policy tools, such as interest rates and fiscal spending, to address low consumption or deflationary pressures, Chinese policymakers should be pursuing fundamental reforms that address the issues underlying these problems. The key is to allow for a more market-driven allocation of land, money, and labor.
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Source: insight.kellogg.northwestern.edu
Kiwoom Asset Management launches KIWOOM KOSEF US Quantum Computing ETF, tracking Solactive U.S. Quantum Computing Index
December 17, 2024--Solactive is pleased to announce a further collaboration with Kiwoom Asset Management. The South Korean issuer is launching the KIWOOM KOSEF US Quantum Computing ETF that tracks the Solactive U.S. Quantum Computing Index. The product aims to provide investors with focused exposure to the quantum computing value chain, including infrastructure, software, cryptography, and artificial intelligence applications.
Quantum computing, with its unparalleled potential to solve complex problems exponentially faster than traditional computers, it is becoming a game-changer for a wide range of industries, from drug discovery to financial modeling. Recent breakthroughs in quantum chip development such as improved accuracy and qubit stability have enabled the development of more reliable and practical quantum computing applications, further driving the growth of this sector. The U.S. government has recognized the strategic importance of quantum computing, with a proposed US$2.5 billion funding from the advanced DOE Quantum Leadership Act of 2024 to boost U.S. quantum research and development.[1]
The quantum computer hardware market is forecasted to surpass US$10 billion by 2045 with a CAGR of 30%[2], which represents a skyrocketing demand for quantum computing hardware, as well as significant growth opportunities for investors looking to capitalize on the potential of this sector and its broader value chain.
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Source: Solactive AG
China Expands Private Pension Scheme Nationwide Following Two-Year Pilot Program
December 13, 2024--After a two-year pilot program, China has officially expanded its private pension scheme nationwide. Starting December 15, 2024, workers covered by urban employee basic pension insurance or urban-rural resident basic pension insurance across the country can participate in this supplementary pension scheme.
This nationwide rollout represents a significant milestone in China's efforts to build a comprehensive pension system, addressing the challenges of a rapidly aging population.
On December 12, 2024, the Ministry of Human Resources and Social Security, together with four other departments including the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission, announced the nationwide implementation of China's private pension scheme effective December 15, 2024. The initiative extends eligibility to all workers enrolled in urban employee basic pension insurance or urban-rural resident basic pension insurance.
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Source: china-briefing.com
Singapore-China ETF Scheme Revamp Expected to Spur Growth in 2025
December 11, 2024-Revamped ETF scheme aims to boost cross-border investment opportunities.
Singapore and China are set to revamp their underused ETF cross-listing scheme in 2025, aiming to boost investor interest and expand market opportunities.
The initiative has seen limited uptake since its launch in 2021, but a recovery in Chinese equities and upcoming reforms signal potential growth.
Launched in 2021, the Singapore-China ETF cross-listing scheme has struggled to gain traction, with only seven ETFs introduced as of November 2024. Challenges include weak investor sentiment toward Chinese equities, logistical complexities, and limited experience in partnerships between fund managers. Recent developments, however, signal a turning point for the initiative.
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Source: batamnewsasia.com
China's surprise pledge sends commodities soaring
December 10, 2024-China's surprise pledge that it would do more to boost the economy sent commodities and mining stocks soaring on Tuesday, amid expectations that Beijing will finally deliver the stimulus that the market had been hoping for.
China's politburo said overnight that it would embrace a "moderately loose" stance for monetary policy next year, its biggest pivot in strategy since the aftermath of the global financial crisis in 2009.
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Source: afr.com
Fubon Fund Management Launches the First Ever Multi Asset ETF Including Commodities in Hong Kong, Tracking the Solactive Core Diversified Multi Asset Index
December 2, 2024--Fubon Fund Management has launched an innovative investment solution, the Fubon Solactive Core Diversified Multi Asset Index ETF, which tracks the Solactive Core Diversified Multi Asset Index. This ETF offers investors a cost-effective, diversified approach to access multiple asset classes, including equities, fixed income, and commodities (with spot virtual assets being eligible for inclusion), across both developed and emerging markets.
In light of the uncertain global political landscape and evolving macroeconomic conditions, both advisors and investors are increasingly recognizing the significance of multi-asset portfolios. According to an industry survey, 25% of the respondents expressed interest in multi-asset ETFs with only a handful of ETF issuers offering these products[1].
Diversified multi-asset solutions have become progressively valuable as investing in uncorrelated asset classes can improve the risk-return profile, allowing investors to achieve more efficient market participation while minimizing volatility. The Fubon Solactive Core Diversified Multi Asset Index ETF addresses the demand for balanced investment products, enabling investors to broaden exposure while managing risk.
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Source: Solactive AG
Chinese Vice-Premier He Lifeng urges Hong Kong to be 'self-assertive' on 3 paths to reform
November 19, 2024--State leader says city should deepen financial reforms, expand cooperation and opening up and dovetail with national developments
Chinese Vice-Premier He Lifeng has pledged Beijing’s backing for Hong Kong to strengthen its standing as an international financial centre, urging the city to be self-assertive amid geopolitical uncertainties and to press on with reforms as he set out three directions to unleash its full potential.
Opening the three-day Global Financial Leaders’ Investment Summit on Tuesday, the state leader spelled out three areas of focus for Hong Kong’s financial sector. First, it should deepen reforms and innovate to boost competitiveness; second, expand cooperation and opening up; and third, dovetail its plans with national developments to further strengthen the foundation of Hong Kong's future financial development.
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Source: scmp.com
Shanghai Stock Exchange, Deutsche Börse and CEINEX signed a memorandum of understanding on special cooperation on depository receipts under the stock connect
November 6, 2024--On 6 November 6 2024, the Shanghai Stock Exchange (SSE), Deutsche Börse Group (DBG) and China Europe International Exchange (CEINEX) signed a memorandum of understanding on special cooperation on depository receipts under the stock connect.
This is an important measure for the SSE to actively promote the high-level institutional two-way opening up of the capital market and to further deepen the cooperative relationship between the Chinese and German securities markets.
It also marks that the cooperation in the development of products of depository receipts under the stock connect, information exchange and personnel exchange between the SSE and DBG has entered a new stage.
The SSE has maintained good cooperation and exchange with the DBG for a long time. In 2015, with the support and recognition of the regulatory authorities and governments of China and Germany, the SSE, China Financial Futures Exchange and DBG jointly established the CEINEX in Frankfurt, committed to providing more convenient financial services for Chinese and European companies and international investors.
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Source: Shanghai Stock Exchange (SSE)
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