In summary, China cannot be ignored by investors. The size of the economy and progress of its innovative businesses are proof of that. But the rules have changed, and the central government – by delineating its strategic objectives – has laid out how companies are expected to function in this unique economic system. As new and disruptive businesses grow and become more sophisticated, the traditional skills of fundamental company analysis and security selection will be important tools in identifying the most promising opportunities. Yet, investors cannot rely exclusively on a company-centric lens. Governance and country-level, macro drivers will also play a role in effectively navigating this distinctive landscape. Political risks have undoubtedly risen, but we expect that both the private economy and international investor capital are welcomed as long as these entities’ objectives are aligned with those of the party. Not only does experience matter in determining the nexus between state and investor priorities, so does the recognition that China’s multi-decade – and likely continuing – rise has created a more complex environment for EM investors to navigate.