A continuation of the crisis in emerging markets will spell further pain for developed equity markets, Carmignac Gestion managers have said.
M&G's Mike Riddell has questioned the sharp rise of China's investment to GDP ratio, comparing the figure with former bubble countries including Iceland and Asian countries during the 1997 crisis.
Equity markets across Asia have moved into the red after manufacturing figures suggested Chinese industrial activity has hit a surprise six-month low.
The Chinese economy grew by 7.7% in 2013, the latest figures from the country have revealed, its slowest rate for 14 years.