The conventional view among global investors, even emerging markets specialists, is that the Chinese economy is mature and growth avenues are mostly exhausted. The argument is that the country’s strong growth over several decades is unsustainable and even has to be ‘paid back’ with depressed growth levels going forward. While Invesco believes there are elements of truth to this perspective, it is too simplistic, and that robust, higher-quality future growth may be achieved through a better balance between trade, domestic consumption, and investment.