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Agnes Deng (L), head of Hong Kong China Equities of Baring Asset Management (Asia) Ltd presents on a press conference in Hong Kong, Tuesday, on Jan. 8, 2013. (APD intern reporter/Guo Suyan)
Specific stocks will drive the market in 2013 with their strong pricing power, a fund manager said on Tuesday. Non-banking financials, IT sector and domestic consumption are promising investment themes in a long run, added Agnes Deng, head of Hong Kong China Equities of Baring Asset Management (Asia) Ltd, a British fund manager.
After being bottomed in last September, the economy of China is recovering gradually while fund managers should focus into specific equities to exploit investment themes, She said at a Baring's press conference about Hong Kong China Market outlook and strategy in 2013.
Deng said, China's policy makers face two major issues, namely the overall capital efficiency and the reallocation of the wealth from state owned enterprises to households and small medium enterprises. "We believe that the authorities will increasingly focus on implementing policies which will boost domestic demand and benefit the private sectors in China," she said.
China's time-consuming political and economic structure reform could constitute obstacles of the recovery, according to Deng. "Interest rate marketization and private capital investment should be important aspects of the reform," she said, "I believe the Chinese government has already realized, but the reform will not be easy for its complexity and the historical inertia of such a big country."
In Hong Kong, Baring's Director of Asian Equities William Fong said, property related stocks have considerable potential, despite the government's measures aiming to curtail the hike in real estate price.
