At the World Government Summit held in Dubai on February 12, Standard Chartered CEO Bill Winters expressed strong optimism about the Chinese mainland’s economic transition.
“I think China is going through a major transition from old economy to new economy,” Winters said. “If you visit the new economy, which many of you have – I have – it’s booming, absolutely booming well into double-digit growth rates and in everything EV-related, the whole supply chain, everything sustainable finance and sustainability-related, etc.”
Winters highlighted the rapid growth in China’s emerging sectors, emphasizing industries such as electric vehicles (EVs), sustainable finance, and supply chain development. He acknowledged the challenges that come with such a significant economic shift, noting that every society undergoing a major transition experiences some level of tumult and growing pains.
“They’re trying to manage this transition without disrupting the financial system, which in the West, we’ve never managed to do,” he commented. “Every big industrial transition has had a major depression associated with it or global financial crisis. They’re trying to avoid that, which means it gets dragged out. I think they’ll get through the back end just fine.”
John Bilton, head of global multi-asset strategy at JPMorgan Asset Management, echoed Winters’ sentiments. Speaking to CNBC, Bilton also voiced optimism about China’s economy, cautioning against viewing it as un-investable despite current difficulties.
“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 said.
The positive assessments from prominent financial leaders underscore a broader confidence in China’s ability to navigate its economic transformation. As the Chinese mainland shifts towards sustainable and technologically advanced industries, international investors and market analysts are closely monitoring its progress.
Reference(s):
cgtn.com
