Is China Guilty of Category Fraud

This chart description is for illustrative purposes only and its accuracy cannot be guaranteed. Please see full disclosures at end of PDF document in the web post. General description: Table describing categories and criteria of MSCI indices. Chart subtitle: Despite its rapid ascendancy in recent decades, China is categorized as an emerging country by MSCI due to the market classification framework utilized by the index provider. Chart source: Source: MSCI as of June 30, 2023. ATVR: Annualized Traded Value Ratio, which is a liquidity measure used to assess liquidity of securities in the MSCI Global Investable Market Indices. The ATVR corresponds to the Annualized Traded Value of a security relative to its Free Float‐Adjusted Market Capitalization. Chart description: First column is Criteria, second is Frontier, third is Emerging, and fourth is Developed. First row section is Economic Development, detailed with “Sustainability of economic development.” Frontier: No requirement. Emerging: No requirement. Developed: Country GNI per capita 25% above the World Bank high income threshold for 3 consecutive years. Second section is Size and Liability Requirements, with four sub-rows. First: Number of companies meeting the following Standard Index criteria: Frontier: 2 Emerging: 3. Developed: 5. Second: Company size (full market cap, USD): Frontier: $1,033M. Emerging: $2,066M. Developed: $4,133M. Third: Security size (float market cap, USD): Frontier: $73M. Emerging: $1,033M. Developed: $2,066M. Fourth: Security liquidity: Frontier: 2.5% ATVR. Emerging: 15% ATVR. Developed: 20% ATVR. Third section is Market Accessibility, with five sub-rows. First: Openness to foreign ownership: Frontier: At least some. Emerging: Significant. Developed: Very high. Second: Ease of capital inflows / outflows: Frontier: At least partial. Emerging: Significant. Developed: Very high. Third: Efficiency of operational framework: Frontier: Modest. Emerging: Good and tested. Developed: Very high. Fourth: Availability of investment instruments: Frontier: High. Emerging: High. Developed: Unrestricted. Fifth: Stability of the institutional framework: Frontier: Modest. Emerging: Modest. Developed: Very high. End chart description. See disclosures at end of document.

Posted on December 4, 2023December 4, 2023 Full size 1911 × 1033

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