Godfrey: GDP picture key to strong Chinese story

M&G Asian manager Michael Godfrey believes healthy macro picture more important than China's susceptibility to bubbles for region's future

GDP growth is the key driver of China's performance and more important than the country's susceptibility to bubbles, according to M&G's Michael Godfrey. Manager of the group's Asian fund, he said some managers are still suffering after buying stocks at heady valuations in Q3 last year. "We refused to get involved in trades at silly levels," he added. "The stocks we have invested in over the last 12 months have been decent performers and benefited from economic growth." Godfrey decouples the market from the wider economy when making stock selection decisions on the £267m fund. "You...