Morgan Stanley's Chief Economist, Xing Ziqiang, delivered a keynote address at the 2026 Sina Global Capital Summit in Hong Kong. He highlighted that numerous domestic industries in China have developed globally scarce "HALO assets."
These assets are characterized by high industry barriers and advantages from advanced manufacturing upgrades, giving them core competitiveness in capital-intensive sectors that is difficult for AI to replicate.
According to his analysis, this category of high-quality assets serves as a key mechanism for attracting long-term global capital to invest in China.
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