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Dumplings in Dumiao

Macroeconomist Andrew Dougherty talks about inflation and other topics with a couple in a village in central China.

Macroeconomist Andrew Dougherty on the road in China.

As the wife of the village chief of Dumiao steams dumplings over a woodburning stove, macroeconomist Andrew Dougherty sits in the kitchen and talks to the couple about how inflation has affected their village. Dumiao is a small village in central China, about 100 km from the province’s capital, Wuhan. The wife explains that she grows most of the vegetables they need and buys the rest from other local farmers, so food prices have not been a big issue for them. The conversation continues at the dinner table (Andrew picked up Chinese while studying at Cambridge University), where they discuss a broad range of subjects, including how villagers spend their money, land reform, and urbanization.

As a China affairs specialist, Andrew provides social, political and economic analysis to help our investment analysts stay on top of policies and trends that can have substantial impacts on investment opportunities globally. His research is as much about criss-crossing the Chinese countryside as it is about crunching numbers and meeting with government officials. This hands-on, local approach helps him check assumptions and offer insights that others might miss.


Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.