Financial institutions bullish on China's growth

By Zhou Lanxu and Jiang Xueqing | | Updated: 2023-03-04 06:40
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With the annual two sessions approaching, markets are watching how China will formulate its key economic policies in the year after the 20th National Congress of the Communist Party of China. China Daily asked executives at global financial institutions to share their thoughts and expectations.

Executives are upbeat about China's economic prospects as business activity returns to normal. For instance, Janice Hu, China CEO at Credit Suisse, expects China's growth to outrun most major economies this year as the Chinese economy accelerates after years of interruption caused by COVID-19.

The optimization of COVID-19 policies, China's sophisticated consumers, robust fundamentals and improved sentiments are paving the way for a strong rebound, Hu said.

A resurgent Chinese economy has made executives more confident about their companies' development in China. Dennis Chang, division president of Mastercard Greater China, is particularly excited about Chinese consumers traveling around the world again.

"We are most excited about the travel recovery opportunities we will see this year," Chang said, adding Mastercard is working closely with its partners to provide Chinese consumers with payment solutions that adapt to the trend of digital payments.

While economic growth is expected to speed up, China is also steadily advancing high-quality development, which has brought about opportunities for foreign financial institutions across different sectors, including green development.

Junjie Watkins, equity partner at Pictet Group and CEO of Asia excluding Japan at Pictet Asset Management, said the Swiss firm is upbeat about the secular growth potential in China's environmental sectors given the country's commitment to net zero.

Pictet will continue to provide new offerings that capture the abundant opportunities from China's environment investment landscape while strengthening its investment and research capabilities in Chinese equities and renminbi bonds, Watkins said.

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