霍华德·马克斯：对中国市场“非常乐观”

Core Viewpoint - Howard Marks, co-founder and co-chairman of Oaktree Capital, expresses strong optimism about the Chinese market, outlining a "1234" framework to explain his perspective on China's economic transformation [1]. Group 1: Economic Transformation - The "1 goal" refers to China's shift towards a high-quality growth model, which is supported by "2 engines": green transformation and digital transformation, where significant progress has already been made [1]. - To achieve further qualitative and quantitative leaps, "3 strategies" are needed: coordination of monetary policy, fiscal policy, and structural reform policy to guide and assist during economic cycles [1]. Group 2: Fundamental Advantages - The "4" summarizes four fundamental advantages of China: a highly educated and willing workforce, the world's largest middle-class market, a top-tier infrastructure network, and a comprehensive supply chain system [1]. Group 3: Investment Recommendations - Marks suggests two specific recommendations: first, to deepen the opening of investment asset categories to foreign entities, as differences in domestic and foreign asset categories can benefit the long-term health of foreign enterprises in China [2]. - Second, he advocates for optimizing the foreign investment product access mechanism, which would not only invigorate the asset management market but also share Western financial investment concepts and practices with domestic counterparts [2].