US Exceptionalism Versus Chinese Uninvestibility (Part I)

Gavekal

Louis-Vincent Gave

Research

16 Pages

Louis-Vincent Gave contrasts United States equity strength with the idea that China has become uninvestible as policy choices diverged, arguing that China has deliberately redirected savings into domestic supply chains and resilience, accepting weaker market returns as the price. It then asks whether the United States can maintain current asset performance without making similar sacrifices or reconsidering its stance toward China.

Date published: December 9, 2025

Key Takeaways

China’s strategic pivot: Describes a policy choice to prioritise economic security and industrial depth over near term investor returns.
Context for US assets: Suggests United States exceptional returns partly reflect benefits from China’s adjustment rather than pure domestic superiority.
Future policy trade offs: Frames a choice between costly reshoring, continued reliance on China or renewed cooperation over time.
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