Foreign investors face a big dilemma when it comes to China.
On the one hand, Chinese equities look cheap. Valuations have fallen close to the lowest levels in a decade relative to corporate earnings and book value. By these measures, stocks are a screaming buy.
On the other, the Chinese economy is slowing sharply. Profits are falling, bad debts are mounting, and investors have woken up to the reality that China cannot grow at a smooth rate above 8 per cent forever.
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