“1. The valuation of European companies with high exposure to China is not high
versus the market – the current P/E multiple is about the same as the European median.

2. European companies’ earnings are much better correlated with global GDP than they are with Eurozone GDP.

3.

4. China’s share of total exports has risen from less than 5%
of the global total in the mid-1990s to close to 15% today, making China a larger exporter than any other major economy.

5. China’s total R&D spending has risen to the third-largest globally,
and the country has more researchers and has authored more scientific journal articles than any other country.

6.

Source: Goldman Sachs