Tham khảo tài liệu 'a new value investing playbook for a global age by jeffrey alan towson_3', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 72 What Would Ben Graham Do Now investors. This is a system where who you are matters. Itè also state capitalism of a scale and sophistication never before seen. Chinaồ population is three to four times larger than any other globally competitive country. Chinese markets are almost always described by their very impressive aggregate sizes. But it is enlightening to divide that number by the billion population. For investors the key factor is that itè overwhelmingly a very low GDP per capita environment. The second key factor is that the growth story is actually more impressive than it first appears. Historically China has constituted about one-third of the global GDP. Even after 20 years of 10 GDP growth China is at only 8 of global GDP. Itè only directional analysis but at the macro-level lots of future growth is likely still possible. But if you look at the micro-level at various local industries and markets say auto sales in Chongqing the growth story is truly impressive. For value investors China represents an interesting mix of high-growth large-volume low-income state capitalism. However in stark contrast to virtually all other large-population low-income economies China has a robust physical and government infrastructure and a history of fairly effective bureaucracy dating back several thousand yeaiìếou can look back 1 000 years and read about the Treasurer of Beijing or Nanjing. This unique strength in physical infrastructure and government bureaucracy makes China a particularly attractive landscape for investors. It doesnt suffer from the chaos and dysfunction of many developing economies. Most importantly the Chineseeconomycan perform at a surprisingly high level. After 20yearsof consistentlyhigh GDP growth it is undeniably successfulfinancially. China is now the worldồ governmentreports over trillion in official banking systemis now larger than Australiaè. And Chinaè infrastructure which direct .
