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Experts

Stephen Chang

Portfolio Manager, Asia
Mr. Chang is a managing director and portfolio manager in the Hong Kong office, managing Asia portfolios and developing PIMCO’s business in this space. He is also a member of the PIMCO Inclusion and Diversity Advisory Council. Prior to joining PIMCO in 2018, he was a managing director and head of Asian fixed income for JPMorgan Asset Management, responsible for managing bond portfolios in the region and setting macro and asset allocation strategy as part of the broader emerging market debt team. Previously, Mr. Chang was a senior interest rates and derivatives trader with the Royal Bank of Scotland in Hong Kong and a global fixed income portfolio manager at Fischer Francis Trees & Watts, Inc. in New York. He has 28 years of investment experience and holds a master’s degree in management science from Stanford University and an undergraduate degree in computer science from Cornell University.
Economic and Market Commentary

China's economic transformation presents both challenges and opportunities for global markets.

Economic and Market Commentary

The U.S. Fed’s potential rate cuts should stabilise the Asia credit market overall, but have a mixed impact on the region’s economies.

Education

Before Economic Forums were mainstream on Wall Street, our investment professionals were gathering to identify economic and market trends for our clients. Decades later, the cornerstone of our process is stronger and more important than ever.

Economic and Market Commentary

China’s central government puts high-quality growth as top priority, along with continued support for business and opening-up.

Economic and Market Commentary

As the COVID-19 recovery continues, we expect Asia’s growth-inflation dynamics to diverge from the rest of the world, led by China’s long-awaited economic reopening.

Economic and Market Commentary

China’s introduction of comprehensive support for its real estate sector could provide some cyclical relief amidst longer-term headwinds, but new COVID-19 waves cloud the outlook.

Active management appears especially important during this fast-moving cycle when dislocations are likely and capturing resulting opportunities can be key to producing alpha.

China’s regulatory crackdown focuses on specific sectors. Market volatility will likely be temporary, and long-run prospects for active investors remain robust.

We do not expect widespread contagion across China’s real estate or banking sectors despite the challenging outlook.

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