I'm a senior editor and the Shanghai bureau chief of Forbes magazine. Now in my 21th year at Forbes, I compile the Forbes China Rich List. I was previously a correspondent for Bloomberg News in Taipei and Shanghai and for the Asian Wall Street Journal in Taipei. I'm a Massachusetts native, fluent Mandarin speaker, and hold degrees from the University of Vermont and the University of Wisconsin at Madison.
What’s lining up? For one, GDP growth — at least as of February, before Russia’s brutal invasion of Ukraine shocked the world. “Our forecast for developing Asia is that economic growth will be 5.3% in 2022,” Asian Development Bank Chief Economist Albert Park said on February 1. “We consider this to be a steady recovery from the pandemic and is supported by progress in vaccination rates and control of the Covid-19 disease.
Though Asian bourses have been slower to embrace SPACs than the U.S., Bernstein sees that evolving with improved regulation. “There's no doubt in my mind that you see both Hong Kong and Singapore recognize the value of a SPAC as a tool to raise capital,” he said. “The SPAC market in Asia is in its infant stages right now.”
merger with Altimeter Growth Corp., the largest deal yet for a special purpose acquisition company. Photographer: Ore Huiying/BloombergBeyond tech, companies that cater to consumers with rising disposable income will also appeal to Western stock investors, he believes. “When somebody that's making $4,000 a year doubles their income, 100 % of that goes back into the economy.
Eventually, however, the U.S. and China sides will come together to agreed accounting rules to facilitate listings, he predicts. “I describe China and the U.S. as in 50-year marriage, which that's exactly what it's been. And in a 50-year marriage, there's some very good times and some very bad times. But at the end of the day, as I always say, the reason nobody got divorced is because they couldn't afford it.
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