China’s growth engine has moved, and investors who keep staring at the old map risk missing where the power now sits.

Henry McVey, KKR’s head of global macro and asset allocation and CIO of the firm’s balance sheet, says China’s next phase rests on industrialization, robotics, and the green economy rather than the property-heavy model that defined an earlier era. Speaking on Bloomberg’s

The China Show

, McVey argued that the shift changes how investors should read the country’s market, especially as global capital hunts for growth at a reasonable price.

“China’s growth story has shifted,” McVey said, pointing investors toward industrialization, robotics and the green economy.

That view carries a clear portfolio message. McVey says investors should focus on relative value in artificial intelligence, a reminder that the AI trade has already become crowded and expensive in some markets. In that context, reports indicate he sees China as offering more attractive valuations, giving investors a potential way to gain exposure to major technology and industrial themes without paying peak prices elsewhere.

Key Facts

  • KKR’s Henry McVey says China’s growth now centers on industrialization, robotics and the green economy.
  • He argues investors should focus on relative value within artificial intelligence.
  • He says valuations in China have become attractive.
  • He also discussed the Chinese currency and the property market on Bloomberg.

McVey also addressed two of the biggest pressure points in the China debate: the currency and the property market. The summary of his remarks does not detail those views, but their inclusion underscores the same point: investors cannot assess China through a single lens. Manufacturing strength, technology ambitions, real-estate stress, and currency direction now sit in tension, and that mix will shape how global money returns—or stays cautious.

What happens next matters well beyond China’s borders. If investors accept that the country’s growth model now runs through advanced industry, automation, and greener infrastructure, capital could start to flow toward sectors that looked overshadowed during the property slowdown. That would affect not just Chinese assets, but global supply chains, AI competition, commodities demand, and the broader argument over where value still exists in a crowded market.