China: Is a provincial approach the next big thing for funds?

A World Bank advisor and a member of the Chinese Academy of Science believe knowing your own back yard generates the best returns.

It doesn't really need to be repeated that China is a vast country. Or so you'd think.

But Pang Chung Ming believes that many foreign fund managers still don't get the message.

Foreign fund managers are invariably stationed in either Beijing, Shanghai or Hong Kong. They try to do all their due diligence from these three cities. But China is enormous, even more so when you take into account that traveling can still be something of an adventure. Consequently, their cost base is huge, he says.

Instead, Pang, who has had a distinguished career at the International Finance Corporation of the World Bank...

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