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Speaking from Shanghai, Rein said China has experienced profound changes over the past three years, which includes the move from an outright focus on growth to a broader vision of ‘common prosperity’.

Rein said many international investors will have focused on the regulatory clampdowns that hit the technology and education sectors, but this overlooks the fact that resources and opportunities are now being moved further down the social pyramid.

Also in this video, Rein outlined how China’s future path is likely to be shaped by two key trends. The first is a move towards a more localised view of consumption, with many domestic brands being preferred over international equivalents.

He added that geopolitics is the second consideration, and the tensions created by Donald Trump’s tenure have not gone away under the Biden administration. Rein said the impact of trade restrictions could lead to further political headaches further down the line.