China's new growth drivers stand out

New York

WHILE Chinese President Xi Jinping's vision of an economy dominated by high-tech and consumer-oriented companies may be years away, they're already standing out from their old-growth counterparts when it comes to earnings.

About two-thirds of the 54 companies in Bloomberg's index of US-traded Chinese equities that have reported quarterly earnings since July exceeded analysts' projections. Approximately three-quarters of the gauge's members are technology and consumer-discretionary stocks. At the same time, more than half of 73 members of the MSCI China Index, which is heavily weighted with industrial and financial shares, missed earnings estimates.