Editor's note: Xu Yi is a CGTN Biz editor. The opinions expressed in this article are the author's and not those of CGTN.

At this year's Financial Street Forum in Beijing, global investors said the debate over Chinese assets has moved to determining how best to allocate – with regulators promising to widen cross-border investment channels and make the opening framework more predictable.

Global asset managers who gathered at the 2026 Financial Street Forum said Chinese assets are gaining structural appeal, as China doubles down on the high-level opening of its capital markets, with the focus of global capital shifting from "whether to allocate" to "how to allocate well?"

Regulator pledges broader, more predictable opening

Wu Qing, chairman of the China Securities Regulatory Commission (CSRC), said while addressing the forum that China will deepen pragmatic cooperation and steadily expand the high-level opening of its markets. It would improve cross-border investment and financing facilitation, along with institutional and product dimensions, while enhancing the attractiveness and predictability of its opening framework.

He added that China's macro policies are delivering stronger results and innovation momentum keeps building, while the fundamentals underpinning the economy's shift toward higher quality and its long-term improvement remain robust. The underlying logic of capital market operations has undergone profound change, making the investment value of Chinese assets more prominent, he said.

From "Should we?" to "How should we?"

At a roundtable hosted by the CSRC and organized by the Asset Management Association of China on Oct. 21, executives from GIC, Amundi, Allianz Global Investors and JP Morgan Asset Management discussed the long-term investment opportunities in China's capital market under two-way opening, examining the deep shifts in global allocation from the perspectives of macro cycles, cross-asset allocation logic and global ETF flows.

Participants said the logic of global asset allocation is going through a paradigm shift amid the confluence of geopolitical conflicts, the technology revolution and climate change. Chinese assets—marked by an independent cycle, a complete industrial base and sustained innovation vitality—are strengthening their case for diversification, they said.

Thierry Ancona, vice chairman of Amundi AM, said the post-pandemic macro environment has changed markedly: inflation and interest rates have risen while growth remains resilient, with AI investment as one of the key drivers. Faced with fiscal imbalance and geopolitical uncertainty, investors should adapt to the repricing of yields, strengthen diversification rather than over-concentrating, and consider real assets as an inflation hedge while reassessing traditional hedging tools.

Michael Krautzberger of Allianz Global Investors agreed that the global economy remains in an expansion cycle, and though late-cycle features are emerging, growth resilience is likely to hold over the coming quarters. The US economy should sustain relatively strong momentum, he said.

"I think what makes China really outstanding is that if there is a country that is the closest rival to the US on the technological edge, on AI and so on, it is China. So we are really, very interested to participate in the innovation we are seeing in many of the Asian and the Chinese companies in the equity market as well," Krautzberger said in an interview with CGTN.

Chinese bonds as the "stabilizer"

As China's new and old growth drivers shift and its complete-industrial-chain advantages consolidate, markets are opening new allocation space for global long-term capital, the participants said.

Li Yimei, president of China Asset Management Co., said she remains firmly bullish on Chinese assets over the long term, citing three pillars: the rising global competitiveness of Chinese companies, the industrial deployment of technological innovation, and continued improvement of the capital market. Chinese firms in electronics, autos, high-end manufacturing, and power equipment are expanding into high value-added overseas markets, she said.

AI is converging with China's complete industrial system, and rich application scenarios are emerging to lift corporate efficiency and profits, deepening two-way opening. These factors, along with stronger shareholder-return awareness, are consolidating the long-term investment case, Li said.

Travis Spence, global head of ETFs and managing director at JP Morgan Asset Management, focused on structural opportunities, arguing that research-driven active strategies offer standout value in China's equity market, with AI, semiconductors, high-end manufacturing and going-global themes worth sustained attention. Chinese bonds, he said, play a "stabilizing" role in portfolios while providing a steady source of returns.

Foreign funds add China, local managers go global

While overseas capital keeps recalibrating its weightings in Chinese assets, domestic managers are accelerating their "going global" push—a two-way opening that is forming a mutually reinforcing pattern.

Amundi's Ancona described the shift in international capital: China produced a globally competitive AI ecosystem. This, along with other technological breakthroughs drew global investors to explore new assets and opportunities in the Chinese market.

"This shift in sentiment prompted us to significantly increase our allocation to Chinese assets across global portfolios," he said. "The trend has been particularly visible in our emerging markets and Asia funds, some of which have turned overweight China."

On serving overseas clients, Li Yimei said China's story must be told in concrete, vivid and up-to-date terms, using corporate products, technology and earnings data to explain the competitiveness and growth logic of Chinese industries. Beyond storytelling, she said, the industry must provide comprehensive China investment solutions—helping clients choose suitable products and allocations based on their objectives and risk tolerance, backed by sustained research, communication and service.

Systematic re-rating under way

From policymakers widening high-level opening and local managers targeting first-tier investment institution standards, to global managers recalibrating their China allocation frameworks, participants broadly agreed that the global allocation landscape is being reshaped – and that Chinese assets are entering a new phase of systematic re-pricing by global capital.

According to CSRC data, Chinese listed companies improved operations in the first half of the year, posting revenues of 37.7 trillion yuan ($5.65 trillion) and net profits of 3.6 trillion yuan, up 19.5% year-on-year – a three-year high. During the year, dividends and share buybacks totaled 2.1 trillion yuan, which is 2.7 times the scale of IPO financing and refinancing in the same period. The regulator said it will adhere to a steady-while-progressing approach, further align the investment and financing functions of the market, and keep enhancing market resilience and confidence to support high-quality economic and social development during the 15th Five-Year Plan period.