Jerry Zhang, Ph.D., CFA, managing director and senior portfolio manager for the Berkeley Street Emerging Markets team, discusses the potential he sees in nascent-but-developing consumer market. By contrast, he believes that China's banks have similar credit problems to banks in developed market economies.
"Given the relative strength of China's export-oriented economy, investors have generally not given the same attention to potential credit problems among Chinese banks as to those among European and U.S. banks. However, we have long believed that China's banks have low-quality balance sheets and face some of the same problems with questionable real estate loans as its developed market counterparts. By contrast, we see far more opportunity in China' nascent-but-developing consumer market."
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