china – POLSKA OSZCZĘDZA

Raport Rynkowy 15/2018

Podczas konwencji PiS i Zjednoczonej Prawicy premier Mateusz Morawiecki przedstawił propozycje zmian, nad którymi pracuje obecnie rząd. Wśród propozycji znalazło się obniżenie podatku CIT dla małych i średnich przedsiębiorstw do poziomu 9% z obecnych 15%, czy obniżenie składki ZUS przy przychodach niższych niż 2,5 krotność wynagrodzenia minimalnego. Premier zapowiedział też inwestycje infrastrukturalne (jesienią ma powstać fundusz wartości 5 mld PLN na naprawę dróg lokalnych i powiatowych) czy wyprawki szkolne dla każdego ucznia do 18 roku życia w wysokości 300 PLN przed rozpoczęciem każdego roku szkolnego. Zdaniem ekspertów szczególnie pierwsze dwie propozycje są korzystne, z uwagi na relatywnie niewielki koszt dla państwa, a dla małych firm niższe podatki i ZUS mogą stanowić impuls do rozwoju działalności […] Czytaj dalej…

Porzedni Raport

The future of Chinese ETFs

China’s 19h Party Congress went into session yesterday, and each and every investor holding shares in Chinese companies are carefully following the news from Beijing. However, they are not the only ones that are interested in this event, as this is also a very important time for those who own shares in Chinese ETFs.

During this Party Congress, President Xi Jinping is set to announce some degree of political shuffling in order to gain enough power to speed up the political process in the future – experts claim. “China’s 19th Party Congress is an opportunity for the leadership to signal a shift in policy priorities towards structural reform and could be a platform for stronger implementation of President Xi Jinping’s agenda if, as is widely expected, he consolidates his power,” said Fitch Ratings.

The recent concern about the slowdown of the Chinese economy may to a certain extent be attributed to the expiring tax rebates that affected auto sales in 2016. Nevertheless, overall consumption has shown to be steadfast and resilient. “Stabilising measures have been successful, but the government’s ability to meaningfully tackle the economy’s main structural challenges will be limited [..]” said Fitch. For this precise reason, those concerned are more agitated about the Party’s ability to address necessary structural reforms. This, keeping in mind that the Chinese economy needs to grow at a rate between 6.0% and 6.5% through 2020 in order to realise policymakers’ goals (the Chinese economy grew by 6.8% in the third quarter).

Therefore, it would be wise to carefully observe the reaction of the market to the events of China’s 19th Party Congress. Efficient markets reflect all available information, and this will certainly have an effect on the performance of Chinese ETFs as investors come to a verdict on what they may expect over the next five years.

The table shows the performance of 3 best performing ETFs that track Chinese market.