While in America higher interest rates have spooked “growth” investors, last month the Chinese central bank cut a key interest rate for the first time in almost two years. 

Rob Morgan, of the wealth manager Charles Stanley, warned that while growth in China looked compelling, investors should be wary that it came with “a big dollop of risk”. 

He said: “The regulatory environment is opaque and there is a lack of legal protection for investors. The bottom line is that the government decides for how long and how much investors can make money.

“But there is no getting away from it: Tencent and Alibaba are real businesses, which have historically generated attractive returns.” 

Mr Morgan highlighted the FSSA Greater China Growth fund, which has returned 51pc in the past three years. 

He added: “It has a long-standing manager Martin Lau, who looks for quality companies. The fund holds Tencent in its top 10, but it does not have a higher than average proportion invested in technology. This has made it look a bit pedestrian compared with some of its peers, but it’s more stable.”