Of course this is not the only way of investing in Chinese equities: overseas investors are familiar with the H-shares and red chips traded on the Hong Kong market, which are freely accessible to international investors, but these are much smaller compared with A-shares, which make up over 75 per cent of Chinese market capitalisation.

当然，它并非人们投资中国股市的唯一途径：海外投资者对香港市场上交易的H股和红筹股并不陌生，因为他们可自由交易这些股票，但同A股比起来，H股和红筹股的规模要小得多。A股的规模占到中国股市总市值的75%以上。

Following several decades of strong economic growth, the population is getting wealthier. The future growth trajectory for the Chinese economy should be less dependent on exports (“Made in China) and more dependent on domestic consumption (“Made for China). Whereas in the past Chinese manufacturers have focused on producing goods as cheaply as possible, this shift should mean the emphasis will move to more value-added industries, including IT, healthcare and consumer services.

在经济强劲增长几十年之后，中国人变得越来越富有。中国未来的经济增长轨迹应当降低对出口（“中国制造）的依赖，而更加依仗国内消费（“为中国制造）。过去，中国制造商的精力主要放在尽可能地压低生产成本上。这一次的转型应当意味着，重心将转移到IT、医疗和消费者服务等更具增值性的行业。

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