The continued rise of China was supposed to be one of the largest stories of the early 21st century — a rising middle class, double digit GDP growth, and a soaring tech scene…everything seemed to be coming together to create an amazing opportunity for growth.

Fast forward a few years and things have slowed down. The main Chinese stock market index is down over 40% over the past five years and even name-brand Chinese tech companies have taken a hit:

– Tencent is down over 30% from all-time highs
– Alibaba is down over 15% from all-time highs
– Baidu is down over 60% from all-time highs

The macro picture in China seems to have shifted, and the trade war with the U.S. has tangled an already complicated story, leaving investors to wonder: “What the heck is going on in China?”