Growth in China (which accounts for about 40% of global growth) fell to its lowest rate since 1996, even as its stock market soared to unsustainable heights. The United States and the European Union ratcheted up economic sanctions on Russia in response to its military excursions in Ukraine, highlighting the geopolitical risks associated with cross-border investments.
伯克利—过去几年来，全球经济环境发生了意料之外的巨大变化。能源和大宗商品暴跌。中国的增长（占全球增长的40%左右）下降到1996年以来的最低水平，尽管其股市暴涨至不可持续的高位。美国和欧盟加码对俄制裁，以此作为俄罗斯军事入侵乌克兰的回应，这突显出与跨国投资相关的地缘政治风险。而由于实际或预期的货币政策变化（如美联储），汇率也出现了剧烈波动。