Our View on Chinese Assets: April 2026

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Dear Baiguan Pro readers,Last month, we launched Baiguan Pro—our monthly view on Chinese assets, themes, and sectors we are closely following, as well as insights from our own data at BigOne Lab.Each month, we pair macro data and BigOne Lab’s proprietary indices with a structured, directional read on where Chinese assets stand and what we’re doing about it.If you haven’t upgraded yet: we’re offering a free upgrade to the Baiguan Pro tier for all existing paid subscribers through the end of Q2. Just reply to this email with the address associated with your subscription.This Month: Our View on Chinese AssetsOur directional view on China equity allocation remains consistent with last month. Importantly, our proprietary China Resident Risk Appetite Index (CRRAI) shows continued improvement in Chinese households’ risk appetite.In the March 2026 reading, the CRRAI composite index recorded -0.08, a further recovery from -0.17 in February. This marks several consecutive months of improvement in resident risk appetite, which is now just a fraction away from the 0-line (the historical mean/neutral level).CRRAI quantifies Chinese household financial confidence and risk-taking appetite, and consists of the following components. 1) Macro & Business Confidence (15%): Tracks liquidity and growth using M1-M2 spreads, government bond yields, and PMI data. 2) Household Leverage & Credit (35%): Measures willingness to borrow, mortgage/consumer loan growth, and deposit trends. 3) Real Economy Foundations (35%): Monitors asset values and income security through second-hand housing prices, trans…