2022년에는 전세계적으로 투자자들이 플러스 수익률을 낼 수 있는 시장을 찾는 것 자체가 어려웠습니다. 중국시장 역시 H주, A주, ADR주 모두 올해 첫 11개월 간 달러 수익률이 20~29%씩 하락하는 등 매도세에서 벗어날 수 없었는데요. 외국인 투자자들의 순매도세가 이어지는 동안 시장 회전율은 감소하였습니다. 중국 내부적으로 잦은 코로나 봉쇄조치, 부동산 시장 침체, 계속되는 빅테크 감시, 미중 관계 악화 등의 요인 모두 중국 증시 약세 기조에 기여했습니다. 대외적으로는 우크라이나-러시아 전쟁, 높은 인플레 압력, 가속화된 금리 인상 주기, 달러 강세 등의 이벤트들로 인해 위험자산에 대한 투자자 신뢰도가 더욱 약화되었습니다.

To summarize the year of 2020, the opening lines from Charles Dicken’s A Tale of twin cities sounds like an accurate description. It was certainly the best of times and the worst of times. Global equities have been doing reasonably well with developed market up by 12.0% and emerging market up by 11.7%. Fixed income managed to gain by 7.4% whilst gold price was up by 19.1%. On the other hand, real economy has been suffering from the pandemic with almost all major economies getting into recession. International Monetary Fund sees the world would contract by 4.4% in total output, the worst crisis since the 1930s Great Depression with -5.8% among advanced economies and -3.3% on developing countries.

The term "dual circulation” is one of the hot searches in China and receives great attention after President Xi first expressed this idea at a top official meeting held earlier this year. He then elaborated further that China’s economic model will be involving an internal circulation developing a substantial domestic market, and an external circulation deepening the international trade. The latest meeting of Communist Party’s Central Committee reinforced this policy will be the core component of the 14th five-year plan for the development between 2021 and 2025.