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Investors are rooting for industrial companies, but China’s 14th five-year plan could bring a lot more stress to a post-COVID-19 global economy attempting a recovery. The world should watch carefully as Beijing gets ready to unveil a blueprint focused on high-tech industry.

Between trillions of dollars of fiscal stimulus, easy money and China’s broadly accelerating credit cycle, global industrial stocks have found a tailwind. Data out this week showed external machinery orders in Japan — a leading indicator of capital goods exports — rose almost 50% from August, the second straight increase that’s brought them back to pre-virus levels. All good news.

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