China still attractive option

Instead, what is helping drive fundamentals for the rest of Asia is global central bank doveishness and the US Federal Reserve’s easing of dollar liquidity.

Along with low inflation in Asia, this has allowed central banks in the region to ease policy themselves, and we see this accommodative stance persisting in the near to medium term.

This should help stimulate credit growth and extend the lending cycle.

China, of course, has the ability to act, but we are seeing a more measured willingness to act.

While the frenetic pace of Chinese growth may have moderated, and with it the ability to support the rest of the world, we still see Chinese markets offering plenty of attractive opportunities for investors.

George Efstathopoulos is multi-asset portfolio manager at Fidelity International