Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
Andy Xie
Opinion

Opinion

Andy Xie

Why the trade war will usher in a long, drawn-out bear market, with stocks, bonds, credit and property all at risk

  • Andy Xie says the unravelling of the US-China relationship that has sustained leveraged speculation will reverse trends investors have become used to
  • A close look at price-to-book and price-to-sales ratios finds the stock market is overvalued, and this will compound the downturn

Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
Construction workers nap in front of a wall with a poster of the city’s skyline at a construction site in Beijing, in May 2015. China’s property bubble has begun to unwind, hitting the economy hard. Photo: Reuters
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Andy Xie

Andy Xie

Dr Andy Xie is a Shanghai-based independent economist specialising in China and Asia, and writes, speaks and consults on global economics and financial markets. He joined Morgan Stanley in 1997 and was managing director and head of the firm’s Asia-Pacific economics team until 2006. Prior to that he spent two years with Macquarie Bank in Singapore, where he was an associate director in corporate finance. He also spent five years as an economist with the World Bank. He was voted one of the 50 most influential persons in finance by Bloomberg magazine in 2013.