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Latest David Roche News

China’s Covid lockdown could have economic costs to the world, says strategist

Aug 10, 2021

Seasoned strategist David Roche said China has tightened Covid-19 measures to deal with a sharp spike in daily cases – a move that could stifle the country’s economic growth and dent its stock markets. Beijing’s regulatory crackdown on sectors including technology and after-school teaching has dampened investor sentiment towards Chinese stocks. Roche said any disruption to the Chinese economy could also affect global economic growth. Seasoned strategist David Roche said China has tightened Covid-19 measures to deal with a sharp spike in daily cases – a move that could stifle the country’s economic growth and dent its stock markets. Beijing’s regulatory crackdown on sectors including technology and after-school teaching has dampened investor sentiment towards Chinese stocks. Roche, President and Global Strategist at Independent Strategy, told CNBC’s “Street Science Asia” on Tuesday. “Well, it’s not the world recipe in China for good reason, and so the markets have to come to terms with the fact that there are economic costs as a result of this, not only within China, but globally,” he said. I think China is in the process of coming out of its big recovery story from covid… David Roche President and Global Strategist, Independent Strategy The country’s National Health Commission on Monday reported 143 new Covid cases in mainland China – the highest number of daily infections since January, according to Reuters. Chinese state media held responsible The latest resurgence in transitions to the highly permeable Delta version. Chinese authorities last week ordered mass testing in the city of Wuhan – where the coronavirus was first detected – and imposed widespread movement restrictions in major cities, including Beijing. Some economists have expressed concern about China’s “zero tolerance” approach to COVID, which refers to the country’s aggressive clout in the face of any flare-up in COVID cases. The approach, which includes strict lockdowns and mass testing, helped China keep previous outbreaks under control before the latest resurgence. Read more about China from CNBC Pro Beijing’s action hangs on China’s markets, but some stocks may ease risk These Chinese US-listed stocks may be relatively safe as Beijing’s crackdown continues Morningstar named its top choice as investors sell off Chinese shares But the delta version is more contagious and may be more difficult to contain – and could hurt economic recovery in China, economists have warned. “If lockdown and vaccination progress does not allow local economies to reopen in mid-August or early September, we may need to revisit our 8.8% 2021 GDP forecast,” economists at Australian bank ANZ wrote in Tuesday’s report. Will need to consider.” China’s impact on the global economy Roche said any disruption to the Chinese economy could affect global economic growth. The strategist explained that widespread lockdowns across China could disrupt global supply chains – most of which are located in the country. This could affect international trade, raise the cost of some commodities and raise inflation expectations around the world, he said. Roche expects China's year-over-year growth in the third quarter to slow to between 2% and 3% from a 7.9% expansion in the second quarter. According to Roche, in the long term, China's economic growth will come down to around 5% to 6%. “I think China is in the process of coming out of its big recovery story from COVID, which is certainly ahead of the world…and is now converging along a long-term growth trajectory that is comparable to that of people. Very little. In China," he said. TV

David Roche Investments

3 Investments

David Roche has made 3 investments. Their latest investment was in HomeRez as part of their Series A on November 11, 2018.

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David Roche Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

11/26/2018

Series A

HomeRez

$6.8M

No

2

4/11/2016

Seed VC

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$99M

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10

6/26/2015

Angel

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$99M

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10

Date

11/26/2018

4/11/2016

6/26/2015

Round

Series A

Seed VC

Angel

Company

HomeRez

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Amount

$6.8M

$99M

$99M

New?

No

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Co-Investors

Sources

2

10

10

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