Consumers deflating asset price bubble, says China fund manager

He says many investors are also too focused on the pure-play option, without acknowledging the links between Taiwan, Hong Kong and China, which mean the latter can be played more efficiently through proxies – albeit not all the time. "The bubble theory is based on concerns over GDP growth figures, on the 70% growth in the number of cars sold last year, or on the rise in the stockmarket," Lau says. "But this ignores the impact of the person." Lau believes the investor focus on China’s manufacturing capabilities is set to be usurped by big increases in domestic consumer spending in C...