China's Old Economy Is Staging A Surprising Rebound

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Rupert Hargreaves
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Last year, Chinese policymakers introduced a wave of measures to try and curb overcapacity in the country’s old economy. As prices for commodities such as coal and steel collapsed, on falling demand but debt sponsored capacity expansion, policymakers decided to place limits on producers. Some of these measures are now starting to be rolled back, but further cuts are planned. Last year, Beijing’s top-down restriction on state mines’ operating days — the number that miners could work in a year — was cut from 330 to 276 and this, along with private sector closures, forced the price of coal above…

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Sign up now and get our in-depth FREE e-books on famous investors like Klarman, Dalio, Schloss, Munger Rupert is a committed value investor and regularly writes and invests following the principles set out by Benjamin Graham. He is the editor and co-owner of Hidden Value Stocks, a quarterly investment newsletter aimed at institutional investors. Rupert owns shares in Berkshire Hathaway. Rupert holds qualifications from the Chartered Institute For Securities & Investment and the CFA Society of the UK. Rupert covers everything value investing for ValueWalk