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China’s equity market saw strong performance in 2020 but has faced a setback this year amid regulatory tightening and other headwinds.
Now in 2021, global equities continued to rise, gaining 14% YTD, while the Chinese equity markets have run out of steam and experienced a drawdown of more than 30% since February 2021, and are currently underperforming global equities by 26% YTD.
China’s transition from leader to laggard was also due to another “first,” as China was the first major nation to incrementally tighten its monetary policy stance following the COVID-19 crisis.