China consumers seen as key amid hot-money fear

Investors are not focused enough on changing consumer-spending patterns in China that are driving business growth and investment opportunities, says Robert Horrocks of Matthews Asia. The CIO sees 7-8% economic growth in China as sustainable, and in a recent sit-down with AsianInvestor noted low stock valuations of nine-times 2013 earnings with a dividend yield of 2.7%. “You have a high rate of productivity growth [in China], good profitability in listed companies and there is no…