He was speaking before yesterday’s strong recovery, when the trust’s shares gained 16pc as part of a wider rally following intervention by Beijing. China’s State Council said it would increase support for financial markets and the property sector and vowed to “boost the economy in the first quarter”.

Beijing has expressed determination to improve living standards for all and knows that many ordinary people invest in shares. It can’t afford to preside over a decimation of their wealth. 

The authorities’ intervention reminds Questor of the “Greenspan put” – the widespread belief in America that Alan Greenspan, former head of the Federal Reserve, and his successors would always bail out the stock market because the effects of a crash on shareholders would be enough to cause a recession. Perhaps we are now seeing the “Beijing put” (a “put option” is a kind of derivative that pays out when markets fall).

Comforting though the idea may be, we must not lose sight of the fundamentals of investing, such as the need to invest in stable, well run businesses able to grow their profits. Fortunately the manager of Fidelity China Special Sits, Dale Nicholls, has proved himself in this respect.

He said last month: “The portfolio continues to have a large exposure to companies that are focused on growing domestic consumption, supported by the ongoing expansion of the middle class.” This strikes Questor as a sensible approach. We can’t see this trust falling further; instead it seems primed for recovery.

Questor says: buy

Ticker: FCSS

Share price at close: 253.5p

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