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Disclaimer&Disclosures:ThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofithttps://www.research.hsbc.comAblessingindisguiseAugust2018Economics//ChinaAblessingindisguiseWhyatradewarwillstrengthenChina-EMlinksDespitetradewarheadwinds,Chinacancontinueitstechnologicalupgradingsolongasitstaysopen-mindedaboutFDIandtrade……andfullyleveragesitsbettereducatedlabourforceandimprovinginfrastructure,aswellasitsdynamicdomesticmarketandinnovationpoliciesChina’sincreasedcapacitytoproducemorecomplexproductsatalowercostwillplaywellintogrowingdemandfromemergingmarketsECONOMICSASIAAugust2018By:JuliaWangandAakankshaBhat????1ECONOMICS●CHINAAugust2018Executivesummary2WillatradewarcurbChina’stechnologicalupgrading?5Smartphones,anyone?14Di