{"id":1411,"date":"2026-10-16T13:15:00","date_gmt":"2026-10-16T13:15:00","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/china-without-owning-china\/"},"modified":"2026-10-16T13:15:00","modified_gmt":"2026-10-16T13:15:00","slug":"la-chine-sans-posseder-la-chine","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/wealth-management\/global-wealth-planning\/china-without-owning-china\/","title":{"rendered":"La Chine sans \u00eatre propri\u00e9taire de la Chine"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7.png\" alt=\"\" class=\"wp-image-1410\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p data-pm-slice=\"1 1 []\"><span>La Chine n'occupe peut-\u00eatre pas une place pr\u00e9pond\u00e9rante dans votre portefeuille d'investissement, mais cela ne signifie pas pour autant que votre patrimoine n'est pas influenc\u00e9 par son \u00e9conomie. Des marques de luxe europ\u00e9ennes aux entreprises technologiques am\u00e9ricaines, en passant par les investissements internationaux dans les secteurs de l'industrie manufacturi\u00e8re et mini\u00e8re, de nombreux actifs d\u00e9tenus par des familles fortun\u00e9es ont des liens avec la Chine qui ne sautent pas imm\u00e9diatement aux yeux. <b>\u00c0 l'approche de 2027, nous examinons d'o\u00f9 proviennent ces risques, quelles pourraient \u00eatre leurs r\u00e9percussions sur les rendements des placements et quels sont les points \u00e0 aborder avec votre banque priv\u00e9e ou votre gestionnaire de patrimoine.<\/b><\/span><\/p><p><span>L'\u00e9valuation du Fonds mon\u00e9taire international de f\u00e9vrier 2026 pr\u00e9voyait que la croissance \u00e9conomique de la Chine ralentirait, passant de 5,01 TP3T en 2025 \u00e0 4,51 TP3T en 2026 et \u00e0 4,01 TP3T en 2027, la faiblesse de la consommation int\u00e9rieure et le ralentissement prolong\u00e9 du march\u00e9 immobilier continuant de peser sur la demande. Les exportations ont contribu\u00e9 \u00e0 soutenir l\u2019\u00e9conomie chinoise, m\u00eame si leur croissance a \u00e9galement expos\u00e9 les fabricants locaux \u00e0 une concurrence plus directe avec les entreprises europ\u00e9ennes et am\u00e9ricaines.<\/span><\/p><p><span>Ces effets se r\u00e9percutent sur les r\u00e9sultats d'une entreprise europ\u00e9enne du secteur du luxe, sur les co\u00fbts de production d'une entreprise technologique am\u00e9ricaine, sur les marges d'un constructeur automobile allemand ou sur les prix pratiqu\u00e9s par une soci\u00e9t\u00e9 mini\u00e8re en Australie. Certaines entreprises tirent profit de leurs liens avec la Chine, tandis que d'autres sont confront\u00e9es \u00e0 une baisse de la demande ou \u00e0 une concurrence plus rude. La part de cette exposition au sein d\u2019un portefeuille d\u2019investissement mondial n\u2019est pas forc\u00e9ment \u00e9vidente au vu de sa r\u00e9partition g\u00e9ographique.<\/span><\/p><h2><span>La place de la Chine dans un portefeuille international<\/span><\/h2><h3><span>Gr\u00e2ce aux recettes des entreprises occidentales<\/span><\/h3><p><span>La Chine a autrefois constitu\u00e9 un moteur de croissance majeur pour les entreprises internationales commercialisant des voitures, des produits de luxe, des machines industrielles et des biens de consommation. L'essor de sa classe moyenne et ses investissements dans les infrastructures ont attir\u00e9 d'importants capitaux \u00e9trangers, tandis que les multinationales ont renforc\u00e9 leur production et leur distribution locales.<\/span><\/p><p><span>Depuis, le ralentissement de la croissance \u00e9conomique, la mod\u00e9ration des d\u00e9penses de consommation et le renforcement de la concurrence nationale ont modifi\u00e9 les perspectives. Les entreprises qui comptaient auparavant sur la hausse de leurs ventes en Chine sont d\u00e9sormais confront\u00e9es \u00e0 une baisse de la demande, \u00e0 des pressions pour baisser leurs prix et \u00e0 une perte de parts de march\u00e9, m\u00eame si leurs activit\u00e9s ailleurs dans le monde continuent d'afficher de bons r\u00e9sultats.<\/span><\/p><p><span>A <\/span><span>plus pr\u00e8s <\/span><span>jette un \u0153il <\/span><span>\u00e0 <\/span><span>entreprises <\/span><span>r\u00e9pertori\u00e9 <\/span><span>dans <\/span><span>L'Allemagne <\/span><span>DAX, <\/span><span>MDAX <\/span><span>et <\/span><span>SDAX <\/span><span>indices <\/span><span>montre <\/span><span>comment <\/span><span>La Chine <\/span><span>\u00e9conomique <\/span><span>ralentissement <\/span><span>a <\/span><span>concern\u00e9 <\/span><span>Allemand <\/span><span>entreprises <\/span><span>\u00e0 travers <\/span><span>presque <\/span><span>chaque <\/span><span>secteur <\/span><span>depuis que <\/span><span>le <\/span><span>d\u00e9but <\/span><span>de <\/span><span>2026.&nbsp;<\/span><span>Mercedes-Benz <\/span><span>et <\/span><span>Adidas <\/span><span>sont <\/span><span>parmi <\/span><span>le <\/span><span>entreprises <\/span><span>que <\/span><span>avoir <\/span><span>confront\u00e9 \u00e0 <\/span><span>pression, <\/span><span>illustrant <\/span><span>comment <\/span><span>\u00e9volutions <\/span><span>dans <\/span><span>Chine <\/span><span>peut <\/span><span>affecter <\/span><span>le <\/span><span>r\u00e9sultats <\/span><span>de <\/span><span>familier <\/span><span>europ\u00e9en <\/span><span>entreprises.<\/span><\/p><p><span>Pour un investisseur d\u00e9tenant des marques grand public internationales, des constructeurs automobiles ou des entreprises industrielles, la r\u00e9partition g\u00e9ographique indiqu\u00e9e dans un rapport de portefeuille peut sous-estimer l\u2019importance de la demande chinoise. Une entreprise peut r\u00e9aliser une part relativement modeste de son chiffre d\u2019affaires en Chine, mais tirer de ces ventes une part plus importante de ses b\u00e9n\u00e9fices. Les coentreprises locales et les diff\u00e9rences en mati\u00e8re de reporting financier peuvent rendre cette d\u00e9pendance plus difficile \u00e0 \u00e9valuer, en particulier lorsque les investissements sont r\u00e9partis entre plusieurs fonds.<\/span><\/p><h3><span>Par le biais des mat\u00e9riaux et des composants achet\u00e9s par les entreprises<\/span><\/h3><p><span>Le fait qu'une entreprise ne r\u00e9alise que peu ou pas de chiffre d'affaires en Chine ne signifie pas pour autant qu'elle puisse fonctionner sans fournisseurs chinois. De nombreux fabricants d\u00e9pendent des usines et des transformateurs de ce pays pour s'approvisionner en mati\u00e8res premi\u00e8res utilis\u00e9es dans leurs produits, en particulier dans les secteurs o\u00f9 la production est concentr\u00e9e entre les mains d'un petit nombre de fournisseurs.<\/span><\/p><p><span>Selon l'Agence internationale de l'\u00e9nergie, <\/span><em><span>Perspectives mondiales sur les min\u00e9raux critiques \u00e0 l'horizon 2026<\/span><\/em><span>, la Chine repr\u00e9sente plus de 90% de l'offre mondiale de gallium, de graphite, de mangan\u00e8se et de terres rares raffin\u00e9s. Ces mat\u00e9riaux sont utilis\u00e9s dans les semi-conducteurs, les v\u00e9hicules \u00e9lectriques, les machines industrielles, les infrastructures \u00e9nerg\u00e9tiques et les \u00e9quipements de d\u00e9fense.<\/span><\/p><p><span>Lorsque P\u00e9kin a instaur\u00e9, en avril 2025, des contr\u00f4les \u00e0 l\u2019exportation sur sept \u00e9l\u00e9ments de terres rares lourdes, les fabricants hors de Chine ont \u00e9t\u00e9 confront\u00e9s \u00e0 des probl\u00e8mes d\u2019approvisionnement qui ont contraint certains constructeurs automobiles \u00e0 r\u00e9duire leur production ou \u00e0 suspendre temporairement leurs activit\u00e9s. En juillet 2026, l\u2019AIE a averti que la mise en \u0153uvre des restrictions plus larges annonc\u00e9es plus tard dans l\u2019ann\u00e9e pourrait mettre en p\u00e9ril une production en aval estim\u00e9e \u00e0 6 500 milliards de dollars par an hors de Chine. Ces mesures \u00e9largies ont \u00e9t\u00e9 suspendues jusqu\u2019en novembre 2026, laissant les fabricants dans l\u2019incertitude quant aux r\u00e8gles qui s\u2019appliqueraient \u00e0 l\u2019approche de 2027.<\/span><\/p><p><span>M\u00eame les entreprises qui s'approvisionnent en composants aupr\u00e8s de fournisseurs europ\u00e9ens peuvent d\u00e9pendre indirectement du raffinage chinois ou de mat\u00e9riaux utilis\u00e9s en amont du processus de production. Une perturbation peut retarder la production, augmenter les co\u00fbts et r\u00e9duire les b\u00e9n\u00e9fices, tandis que la recherche de fournisseurs alternatifs peut prendre des ann\u00e9es. L\u2019AIE estime que les co\u00fbts d\u2019investissement li\u00e9s aux projets de raffinage ne faisant pas appel au fournisseur dominant peuvent \u00eatre sup\u00e9rieurs de 20% \u00e0 plus de 150%, selon les mat\u00e9riaux et le projet.<\/span><\/p><p><span>Le manque d'alternatives aux fournisseurs chinois peut exposer les entreprises \u00e0 des perturbations prolong\u00e9es de la production, \u00e0 une hausse des co\u00fbts et \u00e0 une baisse de rentabilit\u00e9, m\u00eame lorsque leur activit\u00e9 directe en Chine est relativement modeste.<\/span><\/p><h3><span>Face \u00e0 la concurrence des fabricants chinois<\/span><\/h3><p><span>Les fabricants chinois sont de plus en plus en concurrence avec les entreprises europ\u00e9ennes, tant sur leurs march\u00e9s nationaux qu'\u00e0 l'\u00e9tranger, notamment dans les secteurs de l'automobile, des machines, de l'\u00e9lectronique et d'autres produits industriels. La Banque centrale europ\u00e9enne a constat\u00e9, dans son analyse de 2026, que les producteurs de la zone euro avaient perdu des parts de march\u00e9 au profit de leurs concurrents chinois, en particulier depuis 2020, \u00e0 mesure que les exportations chinoises se d\u00e9veloppaient dans des secteurs manufacturiers plus avanc\u00e9s.<\/span><\/p><p><span>Alors que les exportations europ\u00e9ennes vers la Chine sont en baisse depuis 2021, les producteurs chinois ont accru leurs ventes \u00e0 l'international de produits \u00e9lectroniques, automobiles et industriels. Les fabricants \u00e9tablis sont d\u00e9sormais confront\u00e9s \u00e0 des concurrents proposant des produits similaires \u00e0 des prix plus bas, souvent soutenus par de vastes r\u00e9seaux de production nationaux.<\/span><\/p><p><span>La pression \u00e9tait palpable au Salon de l'automobile de Paris en octobre 2026, o\u00f9 les constructeurs chinois ont pr\u00e9sent\u00e9 de nouveaux v\u00e9hicules \u00e9lectriques et hybrides tandis que les constructeurs europ\u00e9ens s'effor\u00e7aient de d\u00e9velopper des mod\u00e8les plus abordables. Oliver Blume, PDG de Volkswagen, a mis en garde contre les difficult\u00e9s concurrentielles auxquelles sont confront\u00e9s les constructeurs europ\u00e9ens du grand public, alors que les marques chinoises continuaient d'\u00e9tendre leurs r\u00e9seaux de concessionnaires et leurs activit\u00e9s dans toute la r\u00e9gion.<\/span><\/p><p><span>Pour les actionnaires, une concurrence accrue peut se traduire par un ralentissement de la croissance des ventes, une pression sur les marges b\u00e9n\u00e9ficiaires ou la n\u00e9cessit\u00e9 de r\u00e9aliser des investissements co\u00fbteux dans de nouveaux produits. D\u2019autres entreprises peuvent, quant \u00e0 elles, tirer profit de l\u2019achat de composants chinois moins chers ou de la fourniture de technologies \u00e0 des fabricants qui d\u00e9veloppent leurs activit\u00e9s. Ces deux effets peuvent se faire sentir dans un portefeuille compos\u00e9 principalement d\u2019actions europ\u00e9ennes ou am\u00e9ricaines.<\/span><\/p><h3><span>Par le biais des march\u00e9s des mati\u00e8res premi\u00e8res<\/span><\/h3><p><span>La Chine est un acheteur majeur de m\u00e9taux et de mat\u00e9riaux industriels utilis\u00e9s dans les secteurs de la fabrication, de la construction et des infrastructures, tandis que ses industries de raffinage et de transformation ont une incidence sur la disponibilit\u00e9 mondiale de nombreuses mati\u00e8res premi\u00e8res.<\/span><\/p><p><span>La faiblesse du secteur immobilier chinois pourrait entra\u00eener une baisse de la demande en mat\u00e9riaux de construction, m\u00eame si les investissements dans les r\u00e9seaux \u00e9lectriques, les v\u00e9hicules \u00e9lectriques et l'industrie manufacturi\u00e8re continuent de soutenir d'autres march\u00e9s des mati\u00e8res premi\u00e8res. Selon l'AIE, le d\u00e9ploiement mondial de batteries pour v\u00e9hicules \u00e9lectriques a atteint 1,2 TWh en 2025, soit une augmentation de pr\u00e8s de 30%, ce qui illustre la croissance continue de la demande en mat\u00e9riaux utilis\u00e9s dans l'\u00e9lectrification.<\/span><\/p><p><span>Les soci\u00e9t\u00e9s mini\u00e8res cot\u00e9es en bourse en Australie, au Canada ou \u00e0 Londres peuvent donc d\u00e9pendre fortement de l'activit\u00e9 industrielle chinoise, m\u00eame lorsque leurs activit\u00e9s sont implant\u00e9es ailleurs. Pour les investisseurs d\u00e9tenant des fonds li\u00e9s aux mati\u00e8res premi\u00e8res, des actions mini\u00e8res ou des placements priv\u00e9s li\u00e9s aux ressources naturelles, les fluctuations de la demande chinoise peuvent avoir une incidence sur les prix de vente, les r\u00e9sultats des entreprises et, en fin de compte, les rendements des portefeuilles.<\/span><\/p><h2><span>Quelle part de la Chine se cache dans un indice boursier mondial ?<\/span><\/h2><p><span>Une \u00e9tude publi\u00e9e par MSCI en juin 2026 montre \u00e0 quel point l'exposition \u00e9conomique r\u00e9elle d'un portefeuille peut diff\u00e9rer de sa r\u00e9partition g\u00e9ographique. Les entreprises chinoises ne repr\u00e9sentaient que 2,51 TP3T de l\u2019indice MSCI All Country World Index (ACWI), alors que les entreprises composant cet indice r\u00e9alisaient pr\u00e8s de 121 TP3T de leur chiffre d\u2019affaires en Chine. Une autre analyse a montr\u00e9 que 8% de l\u2019exposition de l\u2019indice aux biens fournis par des fournisseurs de premier et deuxi\u00e8me rangs provenait de Chine.<\/span><\/p><p><span>Ces chiffres mesurent diff\u00e9rents types d'exposition et ne peuvent pas \u00eatre additionn\u00e9s, mais ils montrent pourquoi la r\u00e9partition par pays au sein d'un fonds d'actions mondiales ne refl\u00e8te parfois qu'une partie de la r\u00e9alit\u00e9. Un investisseur peu expos\u00e9 directement aux titres chinois peut tout de m\u00eame d\u00e9tenir des actions d'entreprises dont le chiffre d'affaires ou la production d\u00e9pendent fortement de ce pays.<\/span><\/p><p><span>MSCI a constat\u00e9 une tendance similaire aux \u00c9tats-Unis. Pr\u00e8s de 64% de l'indice \u00e9tait constitu\u00e9 de soci\u00e9t\u00e9s ayant leur si\u00e8ge aux \u00c9tats-Unis, alors que l'exposition de leur chiffre d'affaires au march\u00e9 am\u00e9ricain \u00e9tait l\u00e9g\u00e8rement inf\u00e9rieure \u00e0 44%. Le lieu o\u00f9 une soci\u00e9t\u00e9 a son si\u00e8ge social ou est cot\u00e9e en bourse ne donne aux investisseurs que peu d'indications sur les pays dans lesquels elle exerce ses activit\u00e9s.<\/span><\/p><p><span>Pour les familles fortun\u00e9es dont les actifs sont g\u00e9r\u00e9s par plusieurs banques, fonds d\u2019investissement et v\u00e9hicules d\u2019investissement sur les march\u00e9s priv\u00e9s, ces chiffres soul\u00e8vent une question quant \u00e0 la qualit\u00e9 des rapports sur les portefeuilles. Chaque gestionnaire peut fournir une ventilation g\u00e9ographique de ses investissements, mais ces rapports ne r\u00e9v\u00e8lent pas toujours si des participations apparemment sans lien entre elles reposent en r\u00e9alit\u00e9 sur les m\u00eames secteurs d\u2019activit\u00e9 chinois.<\/span><\/p><p><span>L'exposition en termes de chiffre d'affaires est g\u00e9n\u00e9ralement plus facile \u00e0 estimer que la d\u00e9pendance vis-\u00e0-vis de fournisseurs individuels, en particulier sur les march\u00e9s priv\u00e9s o\u00f9 les informations accessibles au public sont plus rares.<\/span><\/p><h2><span>Quels changements sont \u00e0 pr\u00e9voir d'ici 2027 ?<\/span><\/h2><p><span>Le ralentissement de la croissance int\u00e9rieure chinoise et la poursuite de l'expansion du secteur manufacturier ont des r\u00e9percussions variables selon les secteurs. Les marques de luxe, les constructeurs automobiles et les \u00e9quipementiers industriels restent expos\u00e9s aux d\u00e9penses des consommateurs et des entreprises chinoises, tandis que les fabricants implant\u00e9s en Chine se disputent la client\u00e8le sur des march\u00e9s o\u00f9 les entreprises europ\u00e9ennes et am\u00e9ricaines occupaient traditionnellement des positions plus solides.<\/span><\/p><p><span>La politique commerciale influencera l'\u00e9volution de cette concurrence. Les autorit\u00e9s europ\u00e9ennes ont cherch\u00e9 des moyens de faire face \u00e0 l'augmentation des importations de v\u00e9hicules chinois, et les constructeurs chinois ont r\u00e9agi, notamment en d\u00e9veloppant des r\u00e9seaux de production et de distribution en dehors de leur march\u00e9 national. La fabrication locale de v\u00e9hicules peut les aider \u00e0 surmonter certaines barri\u00e8res commerciales, mais elle ne supprime pas la pression qui p\u00e8se sur les constructeurs europ\u00e9ens \u00e9tablis.<\/span><\/p><p><span>L'approvisionnement en min\u00e9raux strat\u00e9giques s'appr\u00eate \u00e0 conna\u00eetre une nouvelle p\u00e9riode d'incertitude, alors que la suspension des restrictions g\u00e9n\u00e9rales impos\u00e9es par la Chine sur les exportations de terres rares arrive \u00e0 \u00e9ch\u00e9ance en novembre 2026, comme pr\u00e9vu. Les fabricants \u00e0 la recherche d'autres sources doivent faire face \u00e0 des capacit\u00e9s de raffinage limit\u00e9es, \u00e0 des technologies sp\u00e9cialis\u00e9es et \u00e0 des co\u00fbts de production plus \u00e9lev\u00e9s en dehors de la Chine, ce qui rend la diversification difficile, m\u00eame lorsque des gisements min\u00e9raux alternatifs sont disponibles.<\/span><\/p><p><span>Ces \u00e9volutions ne sont pas toutes n\u00e9gatives pour les entreprises internationales. Les entreprises qui ach\u00e8tent des composants chinois moins chers pourraient b\u00e9n\u00e9ficier de co\u00fbts r\u00e9duits, tandis que les fournisseurs de mat\u00e9riaux de substitution et d\u2019\u00e9quipements de transformation pourraient attirer de nouveaux clients. Les investissements dans les r\u00e9seaux \u00e9lectriques et les technologies industrielles pourraient \u00e9galement soutenir la demande pour certaines mati\u00e8res premi\u00e8res, malgr\u00e9 la faiblesse du march\u00e9 immobilier chinois.<\/span><\/p><h2><span>Ce que cela signifie pour votre patrimoine<\/span><\/h2><p><span>Un portefeuille international peut sembler diversifi\u00e9 en termes de pays, de secteurs et de gestionnaires d\u2019investissement, alors que plusieurs positions restent tributaires des m\u00eames \u00e9volutions en Chine. Une allocation en actions europ\u00e9ennes, un fonds technologique am\u00e9ricain et un portefeuille de capital-investissement pourraient tous contenir des soci\u00e9t\u00e9s d\u00e9pendantes de la production \u00e9lectronique chinoise, tandis qu\u2019une allocation distincte dans le secteur minier viendrait renforcer l\u2019exposition \u00e0 la demande industrielle chinoise.<\/span><\/p><p><span>M\u00eame si les investissements peuvent figurer dans diff\u00e9rentes rubriques d'un rapport patrimonial, les probl\u00e8mes touchant un secteur ou une cha\u00eene d'approvisionnement peuvent avoir des r\u00e9percussions simultan\u00e9es sur plusieurs participations. L'ampleur de cette exposition combin\u00e9e est plus importante que le pourcentage du portefeuille investi directement dans des actions chinoises.<\/span><\/p><p><span>Il ne serait gu\u00e8re judicieux de c\u00e9der toutes les entreprises ayant des clients ou des fournisseurs chinois. Certaines soci\u00e9t\u00e9s b\u00e9n\u00e9ficient d'une solide position concurrentielle, de solutions de production alternatives ou d'un pouvoir de fixation des prix suffisant pour absorber des co\u00fbts plus \u00e9lev\u00e9s, tandis que d'autres d\u00e9pendent fortement d'un petit nombre de clients ou de fournisseurs et auraient du mal \u00e0 les remplacer.<\/span><\/p><p><span>Les investissements sur le march\u00e9 priv\u00e9 m\u00e9ritent une attention particuli\u00e8re, car les valorisations y sont mises \u00e0 jour moins fr\u00e9quemment et les investisseurs peuvent disposer de possibilit\u00e9s de vente limit\u00e9es. Une entreprise confront\u00e9e \u00e0 une baisse des commandes ou \u00e0 une hausse des co\u00fbts de production peut conna\u00eetre des difficult\u00e9s financi\u00e8res bien avant que ces probl\u00e8mes n\u2019apparaissent dans la valorisation qu\u2019elle publie.<\/span><\/p><p><span>L'objectif n'est pas de supprimer tout lien avec la Chine. Les familles g\u00e9rant un patrimoine important doivent savoir si elles ont bien cern\u00e9 leur exposition, si une part trop importante de leur patrimoine d\u00e9pend des m\u00eames \u00e9volutions et si leur portefeuille reste adapt\u00e9 \u00e0 leurs objectifs d'investissement, \u00e0 leurs besoins de liquidit\u00e9 et \u00e0 leurs engagements de d\u00e9penses futurs.<\/span><\/p><h3><span>Les questions \u00e0 poser \u00e0 votre gestionnaire de patrimoine avant 2027<\/span><\/h3><p><strong><span>Demandez une vue d'ensemble plus compl\u00e8te de votre exposition au march\u00e9 chinois<\/span><\/strong><\/p><p><span>Demandez \u00e0 votre banque priv\u00e9e, \u00e0 votre family office ou \u00e0 votre conseiller en investissement d'estimer dans quelle mesure votre portefeuille d\u00e9pend de l'\u00e9conomie chinoise, y compris l'exposition via des soci\u00e9t\u00e9s internationales, des fonds d'investissement et des actifs priv\u00e9s. Cette analyse doit aller au-del\u00e0 du pourcentage investi directement dans des titres chinois.<\/span><\/p><p><strong><span>D\u00e9couvrez o\u00f9 se situent les principaux risques<\/span><\/strong><\/p><p><span>Demandez un r\u00e9capitulatif des principales sources d'exposition \u00e0 la Chine au sein de votre portefeuille. Votre conseiller devrait vous expliquer si celles-ci proviennent principalement de la client\u00e8le chinoise, de l'industrie manufacturi\u00e8re et des cha\u00eenes d'approvisionnement, de la demande en mati\u00e8res premi\u00e8res ou de la concurrence avec des entreprises chinoises, et quels investissements pourraient \u00eatre les plus touch\u00e9s.<\/span><\/p><p><strong><span>V\u00e9rifiez si diff\u00e9rents placements comportent les m\u00eames risques<\/span><\/strong><\/p><p><span>Demandez-vous si les placements g\u00e9r\u00e9s par diff\u00e9rentes banques ou soci\u00e9t\u00e9s de gestion d\u00e9pendent d'\u00e9volutions similaires en Chine. Un portefeuille peut sembler diversifi\u00e9 entre diff\u00e9rents pays et secteurs d'activit\u00e9, alors que plusieurs placements restent expos\u00e9s aux m\u00eames risques \u00e9conomiques.<\/span><\/p><p><strong><span>Demandez-vous ce qu'il pourrait advenir de votre patrimoine<\/span><\/strong><\/p><p><span>Demandez une \u00e9valuation de l'impact que pourraient avoir sur votre portefeuille un affaiblissement de la demande chinoise, des restrictions commerciales ou des perturbations de l'approvisionnement. Cette analyse devrait mettre en \u00e9vidence les cons\u00e9quences potentielles sur les rendements des investissements, les valorisations et la liquidit\u00e9, y compris pour les actifs difficiles \u00e0 c\u00e9der.<\/span><\/p><p><strong><span>V\u00e9rifiez si votre exposition est toujours justifi\u00e9e<\/span><\/strong><\/p><p><span>Analysez ces r\u00e9sultats \u00e0 la lumi\u00e8re de vos objectifs d'investissement \u00e0 long terme, de vos engagements de d\u00e9penses futurs et de votre tol\u00e9rance au risque de perte. Une exposition \u00e0 la Chine n'est pas n\u00e9cessairement ind\u00e9sirable, mais elle doit r\u00e9sulter d'une d\u00e9cision d'investissement m\u00fbrement r\u00e9fl\u00e9chie et non d'une exposition involontaire due \u00e0 des placements sans rapport avec ce march\u00e9.<\/span><\/p><p><strong><span>Se mettre d'accord sur ce qui doit changer<\/span><\/strong><\/p><p><span>Si l'analyse r\u00e9v\u00e8le des concentrations excessives, demandez \u00e0 vos conseillers de vous pr\u00e9senter les options disponibles, leurs co\u00fbts et leur impact potentiel sur les rendements. Les changements peuvent consister \u00e0 ajuster certaines positions, certains mandats d'investissement ou certaines allocations futures, plut\u00f4t qu'\u00e0 vendre tous les actifs li\u00e9s \u00e0 la Chine.<\/span><\/p><h3 class=\"TextBase-hXhSqg Title-HRvkwB\" data-d-text-flow=\"\" data-d-component=\"title\" data-d-size=\"md\" data-d-weight=\"semibold\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\"><br>R\u00e9f\u00e9rences (APA)<\/span><\/h3><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Amicucci, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">A., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Gnocato, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">N., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Gunnella, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">V., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Lindemann, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">C., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Merendino, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">A., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">&amp; <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Montes-Gald\u00f3n, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">C. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Le <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">impact <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">de <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">La Chine <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">industriel <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">hausse <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">sur <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">le <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">euro <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">zone<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">BCE <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">\u00c9conomique <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Bulletin, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Probl\u00e8me <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">3\/2026. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">europ\u00e9en <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Central <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Banque.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.ecb.europa.eu\/press\/economic-bulletin\/focus\/2026\/html\/ecb.ebbox202603_02~7df7facd9a.de.html?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.ecb.europa.eu\/press\/economic-bulletin\/focus\/2026\/html\/ecb.ebbox202603_02~7df7facd9a.de.html<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Houston, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">L., <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">&amp; <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Kim, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">S. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">K. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">juin <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">25). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Faire <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">toi <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">savoir <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">le <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">r\u00e9el <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">g\u00e9ographique <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">exposition <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">de <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">votre <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">portefeuille ?<\/span><\/span> <span data-d-text-flow=\"word\" data-d-stream-word=\"\">MSCI.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.msci.com\/research-and-insights\/quick-take\/do-you-know-the-real-geographic-exposure-of-your-portfolio?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.msci.com\/research-and-insights\/quick-take\/do-you-know-the-real-geographic-exposure-of-your-portfolio<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">International <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">\u00c9nergie <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Agence. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Mondial <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">critique <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">min\u00e9raux <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">perspectives <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">2026<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.iea.org\/reports\/global-critical-minerals-outlook-2026?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.iea.org\/reports\/global-critical-minerals-outlook-2026<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">International <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">\u00c9nergie <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Agence. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">\u00c9lectrique <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">v\u00e9hicule <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">piles<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Dans <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Mondial <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">VE <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">perspectives <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">2026<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.iea.org\/reports\/global-ev-outlook-2026\/electric-vehicle-batteries?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.iea.org\/reports\/global-ev-outlook-2026\/electric-vehicle-batteries<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">International <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Mon\u00e9taire <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Fonds. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">f\u00e9vrier <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">18). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">FMI <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Direction <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Conseil d'administration <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">conclut <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">2025 <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Article <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">IV <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">consultation <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">avec <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">le <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Du peuple <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">R\u00e9publique <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">de <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Chine<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/02\/18\/pr-26053-china-imf-executive-board-concludes-2025-article-iv-consultation?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.imf.org\/en\/news\/articles\/2026\/02\/18\/pr-26053-china-imf-executive-board-concludes-2025-article-iv-consultation<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Sommer, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">U. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">f\u00e9vrier <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">24). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Mondialisation : <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Chiffre d'affaires <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">allemand <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Groupes <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">dans <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Chine <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">\u00e9roder<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Handelsblatt.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.handelsblatt.com\/unternehmen\/globalisierung-umsaetze-deutscher-konzerne-in-china-erodieren\/100199569.html?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.handelsblatt.com\/unternehmen\/globalisierung-umsaetze-deutscher-konzerne-in-china-erodieren\/100199569.html<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Reuters. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">octobre <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">16). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Chinois <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">constructeurs automobiles <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">faire <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">ax\u00e9 sur la technologie <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">pas <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">pour <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">L'Europe <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">premium <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">voiture <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">march\u00e9<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/chinese-automakers-make-tech-led-pitch-europes-premium-car-market-2026-10-16\/?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.reuters.com\/business\/autos-transportation\/chinese-automakers-make-tech-led-pitch-europes-premium-car-market-2026-10-16\/<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><\/svg><\/span><\/a><\/span><\/span><\/p><p class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">Reuters. <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">(2026, <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">octobre <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">16). <\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-font-style=\"italic\" data-d-inline=\"\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">L'Europe <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">constructeurs automobiles <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">ensemble <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">cours <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">pour <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">g\u00e9r\u00e9 <\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">baisse<\/span><\/span><span data-d-text-flow=\"word\" data-d-stream-word=\"\">.<\/span><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-whitespace=\"preserve\">\n<\/span><span class=\"Box-qIMv6G\" data-d-auto-spacing=\"\" data-d-component=\"box\" data-d-direction=\"col\" data-d-inline=\"\"><span class=\"Trigger-C5mz9C\" data-d-component=\"popover-trigger\" data-d-inline=\"\" data-d-inline-text=\"\" role=\"presentation\" type=\"button\" aria-haspopup=\"dialog\" aria-expanded=\"false\" data-state=\"closed\"><a class=\"\" href=\"https:\/\/www.reuters.com\/commentary\/breakingviews\/europes-carmakers-set-course-managed-decline-2026-10-16\/?utm_source=chatgpt.com\" rel=\"noopener noreferrer\" target=\"_blank\"><span class=\"TextBase-hXhSqg Text-lIMP0_\" data-d-text-flow=\"\" data-d-component=\"text\" data-d-inline=\"\" data-d-text-decoration=\"underline-dotted\"><span data-d-text-flow=\"word\" data-d-stream-word=\"\">https:\/\/www.reuters.com\/commentary\/breakingviews\/europes-carmakers-set-course-managed-decline-2026-10-16\/<\/span><\/span><span class=\"ms-1\" data-d-stream-inline=\"\"><svg width=\"1em\" height=\"1em\" viewbox=\"0 0 24 24\" fill=\"currentColor\" class=\"InlineIcon-KLrnew\" data-d-component=\"icon\" data-d-inline=\"\" style=\"display: inline-block; vertical-align: calc(0.5cap - 0.5em);\"><br><\/svg><\/span><\/a><\/span><\/span><\/p><p><br><\/p><br>","protected":false},"excerpt":{"rendered":"<p>M\u00eame sans actions chinoises, les portefeuilles internationaux peuvent d\u00e9pendre fortement des consommateurs, des industriels et des cha\u00eenes d'approvisionnement chinois. Nous vous expliquons o\u00f9 se situent les risques et quelles questions vous devriez poser \u00e0 votre conseiller avant 2027.<\/p>","protected":false},"author":2,"featured_media":1410,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[17],"tags":[],"class_list":["post-1411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-wealth-planning"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Even without Chinese shares, global portfolios can depend heavily on China's consumers, manufacturers and supply chains. We explain where the risks lie and what you should ask your advisor before 2027.","magazineBlocksPostCategories":["Global Wealth Planning"],"magazineBlocksPostViewCount":41,"magazineBlocksPostReadTime":11,"magazine_blocks_featured_image_url":{"full":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7.png",1200,800,false],"medium":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-300x200.png",300,200,true],"thumbnail":["https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261016_acf5e7-150x150.png",150,150,true]},"magazine_blocks_author":{"display_name":"William","author_link":"https:\/\/www.rotharia.com\/fr\/author\/william\/"},"magazine_blocks_comment":0,"magazine_blocks_author_image":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g","magazine_blocks_category":"<a href=\"https:\/\/www.rotharia.com\/fr\/category\/wealth-management\/global-wealth-planning\/\">Global Wealth Planning<\/a>","videoUrl":"","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>China Without Owning China<\/title>\n<meta name=\"description\" content=\"Even without Chinese shares, global portfolios can depend heavily on China&#039;s consumers, manufacturers and supply chains. 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