Chaoping Zhu

Chaoping Zhu

Chaoping Zhu is a Shanghai-based global market strategist at JP Morgan Asset Management. Prior to joining J.P. Morgan in 2017, Chaoping served as China economist at UOB Kay Hian. He also served as a research analyst at the Brookings Institution and Tudor Investment Corporation.

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Latest from Chaoping Zhu

Opinion | Are Chinese property developer stocks a good buy right now?

The valuations of Chinese developer stocks have started to look attractive, and the recent policy changes could serve as a catalyst for price gains. However, investors must remember that the long-term investment logic for Chinese property stocks has changed.

The valuations of Chinese developer stocks have started to look attractive, and the recent policy changes could serve as a catalyst for price gains. However, investors must remember that the long-term investment logic for Chinese property stocks has changed.

Are Chinese property developer stocks a good buy right now?
26 Nov 2021 - 2:30PM
Macroscope | Why weaker growth and market fears might delay, but won’t derail, China’s reform push

China’s economy is growing fast enough to give policymakers cover to continue with reforms, but some adaptation is necessary. The pace and breadth of reforms is weighing on market sentiment, possibly forcing a rebalancing between long-term goals and short-term stability.

China’s economy is growing fast enough to give policymakers cover to continue with reforms, but some adaptation is necessary. The pace and breadth of reforms is weighing on market sentiment, possibly forcing a rebalancing between long-term goals and short-term stability.

Why weaker growth and market fears might delay, but won’t derail, China’s reform push
22 Oct 2021 - 2:30PM
Macroscope | Tech and tuition crackdowns: how to understand China’s growing pains as it fine-tunes its economy

The tech and tuition regulatory changes are meant to balance between short and long-term growth objectives as Beijing seeks better social outcomes. Given China’s enormous economic growth potential, it should remain an integral part of any investor’s portfolio in the long run.

The tech and tuition regulatory changes are meant to balance between short and long-term growth objectives as Beijing seeks better social outcomes. Given China’s enormous economic growth potential, it should remain an integral part of any investor’s portfolio in the long run.

Tech and tuition crackdowns: how to understand China’s growing pains as it fine-tunes its economy
6 Aug 2021 - 4:30PM
Macroscope | Why China’s education reform may be no match for the hypercompetitive drive

The government has zeroed in on rising property prices near popular school districts and unequal access to education as areas in urgent need of reform. As these reforms gain pace, questions remain over whether they can succeed to lower education costs and convince more young couples to have children.

The government has zeroed in on rising property prices near popular school districts and unequal access to education as areas in urgent need of reform. As these reforms gain pace, questions remain over whether they can succeed to lower education costs and convince more young couples to have children.

Why China’s education reform may be no match for the hypercompetitive drive
10 Jul 2021 - 3:10AM
Macroscope | What to expect as China’s residential property market seeks a soft landing

Worsening affordability measures and rising debt levels are signs of an inflating housing bubble. However, an immediate burst seems unlikely – although bond defaults may rise as developers face cash flow stresses.

Worsening affordability measures and rising debt levels are signs of an inflating housing bubble. However, an immediate burst seems unlikely – although bond defaults may rise as developers face cash flow stresses.

What to expect as China’s residential property market seeks a soft landing
4 Jun 2021 - 10:40PM
Macroscope | China’s consumers will power its coronavirus recovery, as their blockbuster May Day spending shows

During China’s most recent long holiday, tourism, box office revenue and consumer good sales surged, returning to pre-pandemic levels. This augurs the sustainability of China’s economic recovery through the rest of the year.

During China’s most recent long holiday, tourism, box office revenue and consumer good sales surged, returning to pre-pandemic levels. This augurs the sustainability of China’s economic recovery through the rest of the year.

China’s consumers will power its coronavirus recovery, as their blockbuster May Day spending shows
15 May 2021 - 2:30AM
Macroscope | China’s ‘two sessions’: ambitious but practical goals in five-year plan target high-quality growth

Innovation and technological development drive productivity growth and thus are the top priority in the new five-year plan. Investment in frontier fields, R&D, infrastructure, green manufacturing and more form the core of plans for long-term growth.

Innovation and technological development drive productivity growth and thus are the top priority in the new five-year plan. Investment in frontier fields, R&D, infrastructure, green manufacturing and more form the core of plans for long-term growth.

China’s ‘two sessions’: ambitious but practical goals in five-year plan target high-quality growth
12 Mar 2021 - 4:30PM
Macroscope | How do you pick the next Tesla stock winner in China’s booming EV market?

Given how quickly EV companies’ stock prices have rocketed, a short-term correction is likely. But, in the long term, the sector is supported by structural trends which underpin the case for investing. Here are three things to focus on.

Given how quickly EV companies’ stock prices have rocketed, a short-term correction is likely. But, in the long term, the sector is supported by structural trends which underpin the case for investing. Here are three things to focus on.

How do you pick the next Tesla stock winner in China’s booming EV market?
6 Feb 2021 - 3:10AM
Macroscope | What the US’ latest stimulus bill means for investors in the new year

The short-term nature of the stimulus package underscores the need for further relief. The long-term costs are also worth watching, as we hopefully approach the end of the pandemic and look towards a broad economic rally.

The short-term nature of the stimulus package underscores the need for further relief. The long-term costs are also worth watching, as we hopefully approach the end of the pandemic and look towards a broad economic rally.

What the US’ latest stimulus bill means for investors in the new year
2 Jan 2021 - 5:46AM
Macroscope | Coronavirus vaccine hope signals shift from tech stocks towards market laggards

Investors have long awaited news of a vaccine breakthrough that will kick off a rotation in equity markets. Sectors such as travel, retail, energy and financials that have struggled in the pandemic are expected to rebound while demand for tech stocks wanes.

Investors have long awaited news of a vaccine breakthrough that will kick off a rotation in equity markets. Sectors such as travel, retail, energy and financials that have struggled in the pandemic are expected to rebound while demand for tech stocks wanes.

Coronavirus vaccine hope signals shift from tech stocks towards market laggards
25 Nov 2020 - 1:04PM
Macroscope | How China can be more self-sufficient in tech development

Beijing needs to adapt its investment system for higher efficiency and less waste, with greater public-private cooperation. As long as the investment system stays on track, we can be optimistic about China’s domestic technology development.

Beijing needs to adapt its investment system for higher efficiency and less waste, with greater public-private cooperation. As long as the investment system stays on track, we can be optimistic about China’s domestic technology development.

How China can be more self-sufficient in tech development
31 Oct 2020 - 11:06AM
Macroscope | Why economic rebalancing will be at the heart of China’s next five-year plan

As Beijing seeks more efficient and fairer development, rebalancing is likely to be key, given the increasingly complicated international environment. To achieve this, China might advocate further marketisation reforms, while supporting development of strategic sectors.

As Beijing seeks more efficient and fairer development, rebalancing is likely to be key, given the increasingly complicated international environment. To achieve this, China might advocate further marketisation reforms, while supporting development of strategic sectors.

Why economic rebalancing will be at the heart of China’s next five-year plan
18 Sep 2020 - 10:23PM
Macroscope | Coronavirus recovery: US economy’s plunge and waning sentiment put investors on edge

Investor sentiment before this week was already deflating against the backdrop of a continued pandemic and a pricey stock market, but mixed news this week and continued grim virus milestones make the market rally look increasingly fragile.

Investor sentiment before this week was already deflating against the backdrop of a continued pandemic and a pricey stock market, but mixed news this week and continued grim virus milestones make the market rally look increasingly fragile.

Coronavirus recovery: US economy’s plunge and waning sentiment put investors on edge
13 Oct 2020 - 9:08PM
Opinion | How stock market reforms will drive China tech investment and innovation

Updates to registration-based public offering rules, making it easier for tech companies to list on local exchanges are at the heart of the reforms. They should attract fast-growing tech companies and galvanise investment opportunities in China.

Updates to registration-based public offering rules, making it easier for tech companies to list on local exchanges are at the heart of the reforms. They should attract fast-growing tech companies and galvanise investment opportunities in China.

How stock market reforms will drive China tech investment and innovation
26 Jun 2020 - 10:23PM
Macroscope | Coronavirus or not, China must focus on the big picture: economic reforms

For China, the short-term coronavirus shock is coming on top of an economic slowdown. Policymakers remain cautious about an all-out stimulus, and will be eyeing long-term reforms to improve economic structure and boost productivity.

For China, the short-term coronavirus shock is coming on top of an economic slowdown. Policymakers remain cautious about an all-out stimulus, and will be eyeing long-term reforms to improve economic structure and boost productivity.

Coronavirus or not, China must focus on the big picture: economic reforms
22 May 2020 - 10:21PM
Macroscope | China is focused on softening the economic blow of coronavirus, not making a quick recovery

Since China’s recovery trajectory will be shaped by external events, including the effects of the pandemic in its demand markets, Beijing is focusing on domestic priorities like jobs, small companies and loosening financial conditions.

Since China’s recovery trajectory will be shaped by external events, including the effects of the pandemic in its demand markets, Beijing is focusing on domestic priorities like jobs, small companies and loosening financial conditions.

China is focused on softening the economic blow of coronavirus, not making a quick recovery
24 Apr 2020 - 10:25PM