Returns on Chinese stocks are beating government bonds by the most in two years this month. A pickup in economic growth and the strengthening of the yuan have boosted the appetite for risk assets, with traders pushing up share prices to bring down the earnings yield, which is the invert of the price-earnings ratio. Meanwhile, China’s bonds endure weakness as accelerating growth and financial regulators’ campaign against debt fuel the sell-off. The spread between the earnings yield on the Shanghai Composite Index and the 10-year government bond yield has narrowed to the smallest level since August 2015, although equity’s earnings yield is still higher than the bond yield.