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China’s big players aid long-term investors

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Opportunities remain for long-term investors in China, despite concerns about company valuations in the short-term, according to Fidelity.
The investment management group highlighted the fact that China now boasts at least one top 10 company by market valuation in six industrial sectors – mobile phones, banks, life insurance, real estate, oil and gas production and forestry and paper.

This includes petroleum and gas company PetroChina, which should be named as the largest listed company in the world when the Morgan Stanley Capital International (MSCI) World Index is updated at the end of November. It has risen from 20th place since a recent limited public offering. Other big names include China Construction Bank, the world’s most valuable bank, and China Mobile, also the biggest player in its sector.

Martha Wang, manager of the Fidelity China Focus Fund said: “The valuations of certain Chinese companies are out of line with their Western competitors, occasionally because partial listings have created an imbalance between supply and demand. At times like these, stock-picking assumes an even greater importance.

“Over the longer term, however, we believe China will continue to offer some very attractive opportunities to investors. At just 3.3% of world equities, China has a long way to go before its economic might is represented fully in the stock markets.”

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