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Policy opacity is the constraint that sits beneath every China-exposed investment cycle, and the current AI trade is stepping into it with fresh momentum.
CNBC's The China Connection newsletter connects the dots from the surprise yuan devaluation of 2015 to the regulatory crackdowns of recent years, arguing that many of Beijing's policy moves register as abrupt to outside investors.
The AI return narrative does not dissolve that liability. The mechanism behind the abruptness For capital sitting outside China's decision-making apparatus, the information problem is structural and repeating.
The 2015 yuan devaluation is the reference event: it arrived without the kind of forward guidance that participants in Western markets learn to price in advance.
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