At the recent World Government Summit in Dubai, Bill Winters, CEO of Standard Chartered Bank, shared a positive outlook on China’s economic future. \"I think China is going through a major transition from old economy to new economy,\" Winters stated, highlighting the booming sectors including electric vehicles (EVs), the supply chain, and sustainable finance. He emphasized that the new economy is experiencing double-digit growth rates, signaling robust expansion.
Winters acknowledged the challenges that come with such a significant economic shift. \"Every society that has undergone major economic transition inevitably experiences some level of tumult and growing pains,\" he remarked. However, he expressed confidence in China's ability to manage this transition smoothly without disrupting its financial system, a feat that has been elusive in the West. \"They're trying to manage this transition without disrupting the financial system, which in the West, we've never managed to do,\" he added.
Echoing this sentiment, John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, also conveyed optimism about China's economy. He dismissed the notion of treating China as an un-investable market, despite some analysts' suggestions. \"I don't think you can treat the world's second-largest economy as either an alternative investment or un-investable; that would be wide of the mark,\" Bilton told CNBC.
Both leaders agree that China's proactive management of its economic transition positions it well for sustained growth. As the country navigates this pivotal period, global investors and businesses remain attentive to the opportunities arising from China's new economic landscape.
Reference(s):
cgtn.com
