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2023 Outlook: The Economic Prospects for Asia and Emerging Markets
by Robert J. Horrocks, PhD, Winnie Chwang & Vivek Tanneeru of Matthews Asia, 12/14/22

On this webcast, experts from the Matthews Asia investment team will share their perspectives on where the global economy is headed and why now may be an opportune time to invest.

Beyond China: Opportunities in Asian and Emerging Markets in 2022
by Robert J. Horrocks, PhD, S. Joyce Li, CFA and John Paul Lech of Matthews Asia, 12/2/21

Unexpected regulatory actions in China, concerns over Evergrande’s debt restructuring and the lingering effects of COVID are just a few reasons for the volatile year in Asian markets. While growth in most of Asia and emerging markets dipped this year, there are reasons for optimism in 2022. Even with moderate growth projections, the region remains resilient and is still expected to lead the global recovery and exceed those of advanced economies.

2021 Outlook: Can Asian Equities Lead the Way to a Global Recovery?
by Robert J. Horrocks, John Paul Lech, and Andy Rothman of Matthews Asia, 12/15/20

As an unusually extraordinary year comes to a close, investors may still have many lingering questions about where the global economy may be headed. Even as the world continues to fight the pandemic, there is reason for optimism in 2021. The strength of Asia’s economies—and China in particular—are recovering and are well-positioned to set the stage for future growth.

CIO Outlook
by Robert J. Horrocks of Matthews Asia, 1/6/17

Strong future growth is rooted in some basic dynamics in which Asia Pacific excels.

The Riches of Three Generations
by Robert J. Horrocks of Matthews Asia, 12/21/11
We have had the Great Leader and the Dear Leader. Now North Korea falls to the Great Successor. There is a Chinese proverb that says a family cannot stay wealthy for 3 generations. The wealth is made by the first, enjoyed by the second and squandered by the third. Will the same be true of power in North Korea following the death of Kim Jong Il? For the short term, the worries over leadership transition are likely to dominatethere is the potential for the new leader to want to demonstrate power, authority and dominance.The market reaction has already started to factor in this scenario.

APEC Forum Convenes
by Robert J. Horrocks of Matthews Asia, 9/16/11
The Asia-Pacific Economic Cooperation (APEC) forum, representing 21 Pacific Rim countries, kicked off a summit this week in San Francisco. The summit will address issues including energy, transportation and womens economic participation in preparation for an APEC heads of state meeting in Hawaii this November. The topics being addressed during the summit are of great interest to those seeking to understand some of Asias long-term growth trends. Female participation in Asias labor force can be quite low.

Another Look at China's Property Market and Financial System
by Robert J. Horrocks of Matthews Asia, 8/12/11
There continues to be much debate over whether Chinas growth is balanced and sustainable, and many observers will demand you side with one camp or the other: extremely bullish or bearish. This month, Chief Investment Officer Robert Horrocks, PhD, takes a more nuanced view in examining the drivers behind Chinas real estate market and evolving financial system.

Weekly Aisa Update
by Robert J. Horrocks of Matthews Asia, 8/9/11
Italys government bond yields have been spiking as investor concerns threaten to become self-fulfilling prophecies that raise the specter of default in Italy and dismemberment of the euro. While, China is stepping more than a little lightly on the monetary brakes, along with other countries across Asia, over fears that inflation is getting out of control. And the markets response is to push up the price of U.S. bonds and sell down equities across the globe. Obviously, slowing growth is of far greater concern to investors than the opinion of the rating agencies.

Postcard from Vietnam
by Robert J. Horrocks of Matthews Asia, 7/22/11
Vietnam, may be something of an acquired taste for investors these days. It is going through its own trials and tribulations. The banking system is clearly stressed with very low levels of deposit growth, given recent nominal economic growth rates. This suggests a lack of confidence in the system after many years of high rates of credit growth. Symptoms of these strains can be seen in the high annual inflation rate of about 13%, a weak currency and borrowing rates of between 15% to 22%. I suspect that many smaller companies are also unable to get any access to capital.

Inflation?Which Prices Aren't Changing
by Robert J. Horrocks of Matthews Asia, 5/24/11
Inflation has been one of the big buzzwords in Asia's markets this year. Wages, interest rates and prices for commodities, assets, goods and food have all been on the rise. The problem with much of the discussion is that it treats inflation in all these areas as though they were the same?a single phenomenon that is an unqualified evil. In my view, not enough has been done to distinguish between cause and symptom. Perhaps this is because when one does try to distinguish between cause and symptom, the topic of inflation becomes much more complex.

Common Misperceptions about Asian Investing
by Robert J. Horrocks of Matthews Asia, 5/20/11
During my recent travels and meetings with investors around the world, I have found that interest in Asia is abundant. But what has struck me most is that certain perceptions about investing in Asia permeate regardless of whether we speak with investors in Europe, the U.S. or even Asia itself. I find this an opportune time to address three of the common "misperceptions" about investing in the region. 1: The best way to invest in Asia is by investing in multinational companies 2: To invest in Asia, I must accept higher valuations and 3: When investing in Asia, market timing is very important.

The Many Faces of Inflation
by Robert J. Horrocks of Matthews Asia, 2/11/11
Asian markets have gotten off to a rocky start in 2011, and inflation appears to be among the chief culprits. Many seem to be treating inflation as a single phenomenon with similar effects everywhere. In truth, the effects of inflation on different countries can be quite distinct and in some cases quite positive. We can get an idea of how inflation impacts different countries in a different way by looking at four big economies dominating the Asian investment scene at the moment: China, India, Japan, and the U.S.

China's U.S. State Visit
by Robert J. Horrocks of Matthews Asia, 1/22/11
The analysis surrounding Chinese President Hu Jintao?s trip to Washington has so far focused on the subdued tone of the visit, the lack of major policy initiatives and the reverence for vague ideas such as harmony. The obvious conclusion is that President Obama and President Hu don?t have much to talk about. Perhaps this is unfair.

A Market Story
by Robert J. Horrocks of Matthews Asia, 1/18/11
It is not the headline rates of growth in Asia that excite me?it?s the profit-making opportunities within those economies that are necessary to sustain reasonable rates of growth and support the changing lifestyles of Asian households. And that, I hope, is a sentiment with which both the old and the reformed Scrooge might embrace.

Redefining Decoupling
by Robert J. Horrocks of Matthews Asia, 9/14/10
During the second half of 2007, market commentators debated over 'decoupling' - the idea that Asia may somehow be immune to the vicissitudes of the Western economic cycle. Markets are now worried about slowing momentum in the recovery of the developed world. Matthews Asia chief investment officer Robert Horrocks explores decoupling in the current economic environment.

Risky Business
by Robert J. Horrocks of Matthews Asia, 8/18/10
Much effort has gone into trying to understand the elements of 'risk' and 'uncertainty' for investors. Matthews' Chief Investment Officer Robert Horrocks tries to bridge the gap between what academic theories define as risk and the experience of practitioners - particularly when it comes to managing Asian equity portfolios. In an environment in which risk is not clearly or reliably defined, he cautions, be humble.

Contemplating Capital Controls
by Robert J. Horrocks of Matthews Asia, 7/2/10
Some Asian countries have imposed capital controls as a measure to prevent asset bubbles. Policymakers are clearly wary of imposing further controls on capital. However, they cannot prevent the bubbles they fear by using monetary policy alone?until they allow their currencies to appreciate. Otherwise, they are simply allowing international investors to enjoy the high interest rates that tighter policy brings at the existing cheap exchange rate and capital will flow in.

Chinese Bank IPO: A Test of Faith
by Robert J. Horrocks of Matthews Asia, 6/18/10
Bank loans account for the vast majority of capital raised by China?s non-financial sector. The corporate bond market is still extremely undeveloped?at the end of last year, the size of China?s corporate bond market was about 3.3% of China?s GDP. Banks have been reformed over the last two decades, but still have a way to go. A recent IPO is an important step in that direction.

Tensions in Korea and Thailand
by Robert J. Horrocks of Matthews Asia, 5/26/10
What both Thailand and Korea have in common is that their underlying political tensions have been ongoing, certainly for long enough to have earned their markets a valuation discount. This is not to say that investors are in any way protected from such political unease - for if the events were to flare up into a serious conflict in either case, more property damage and loss to asset values would occur in both countries. Nevertheless, Thailand and South Korea remain the two cheapest markets in the region in terms of price-to-earnings measures.

Europe's Troubles
by Robert J. Horrocks of Matthews Asia, 4/30/10
In the context of Europe's sovereign debt problems, we do not expect Asia to become a safe haven for investors in the near term. As solvent as China?s sovereign debt position is, questions still remain over the borrowing by local government investment vehicles during the recent stimulus plan and property boom. This is not a benign environment for Asia?s equity markets. But we do take solace in the long term, because these events once again show the relative health of Asia?s economies.

Overinvestment in China
by Robert J. Horrocks of Matthews Asia, 4/16/10
The evidence for overinvestment in China seems to be thin - on the contrary, returns on capital have been stable and rising, suggesting that the productivity of the underlying economy remains strong. The government has tools to combat any concerns about overheating - including interest rates, reserve requirements and allowing the currency to appreciate. This commentary also includes a roundtable discussion with the Matthews Asia Funds Investment Team on a possible China bubble.

Human vs. Fixed Capital in China
by Robert J. Horrocks and Andrew Foster of Matthews Asia, 1/23/10
'? it is prudent to be cautious about bank lending?not because we fear an unmanageable amount of nonperforming loans for the economy, but because Chinese banks generally made 3-year loans for p
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