AS China's first bond default happens today, Andrew Swan, a top-ranked BlackRock fund manager in Asia-Pacific, remains unperturbed.

"This year could be the bottom for Asian equity markets, with low ownership, expectations, valuations and risk appetite," he told The Business Times yesterday.

"Things are reaching a point where reform has to happen in China. This year is different because exports are picking up and global growth is better," said Mr Swan, BlackRock's head of Asian fundamental equity, who is in Singapore for client meetings.