Barings, Morgan Stanley Investment Management, TPG, Super Admin - Thu, 01/16/2025 - 01:25

Stimulus Fatigue: China Can’t Band-Aid Its Way to Recovery

Since September 2024, Chinese policymakers have focused on delivering a series of stimulus packages to inject new life into their struggling economy and boost share prices. However, high debt levels, overinvestment, an unresolved property bubble, underwhelming domestic consumption and international trade pressures are all contributing to the structural weaknesses in China’s economy that mere stimulus packages cannot resolve. In a previous report (China’s Past, Present and Future, 2023) we examined China’s economic transformation from a rural past to an industrialized powerhouse. This paper delves into how Beijing is addressing the challenges it faces. Without bold reforms, China’s economic future hangs in the balance.

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Contacts

Morgan Stanley

Morgan Stanley Investment Management’s Insurance Solutions team proudly supports our insurance clients with bespoke investment solutions and a comprehensive range of strategies that align well with insurers’ investment objectives and risk tolerances. We provide risk-based capital efficient solutions across public and private market strategies, and add value through thought leadership across insurance research, portfolio management, strategic asset allocation, reporting, risk management, and rating agency/regulatory considerations.

Joel Cramer, CFA
Managing Director, Head of North American Insurance Solutions
joel.cramer@morganstanley.com
Office: 312 706 4216
Mobile: 630 222 6765

www.morganstanley.com

1585 Broadway,
New York, NY 10036

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Barings

Barings is a $431 billion* global asset management firm that partners with institutional, insurance, and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.
*As of September 30, 2024

Ilena Coyle
Head of North American Insurance and Intermediary
ilena.coyle@barings.com
973-271-2400

www.barings.com

300 South Tryon St, Suite 2500,
Charlotte, NC 28202

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TPG

TPG is a leading global alternative asset manager with $239 billion in assets under management. Jim Coulter and David Bonderman, former colleagues at the Bass Family Office, created TPG in 1992 and opened the firm's first offices in San Francisco. Today, TPG is led by CEO Jon Winkelried, who became sole CEO in 2021 after serving as Co-CEO since 2015.

A Unique Perspective
With our family office roots, entrepreneurial heritage, and West Coast base, TPG has developed a distinctive approach to alternative investments based on innovation-led growth, an affinity for disruption and technology, and a distinctive culture of openness and collaboration.

Innovation and Organic Growth
Our principled focus on innovation has resulted in a disciplined, organic evolution of our business. Incubating, launching, and scaling new platforms and products organically—often early in the development of important industry trends—is embedded in our DNA. Over 30 years, we have developed an ecosystem of insight, engagement, and collaboration across our platforms and products, which currently include more than 300 active portfolio companies headquartered in more than 30 countries. With an extensive track record, a diversified set of investment strategies, and a strategic orientation towards areas of high growth, such as technology, healthcare, and impact, we are helping shape the future of alternative asset management.

Strategic Acquisition
In 2023, TPG acquired Angelo Gordon, marking a significant expansion into credit investing and offering real estate capabilities that are complementary to our current strategies. This strategic transaction meaningfully expanded our investing capabilities and broadens our product offering, underscoring our continued focus on growing and scaling through diversification.

Matt Heintz
Co-Head of Insurance
mheintz@tpg.com
(312) 779-8957

www.tpg.com
245 Park Avenue
New York, NY 10167

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