JPMorgan says China cannot be overlooked
Date
5/29/2024 8:40:56 AM
(MENAFN) During the 20th annual Global China Summit held in Shanghai, JPMorgan Asia Pacific CEO Sjoerd Leenart emphasized the significant impact of China on the global economic landscape. Leenart underscored that despite prevailing Political rhetoric, many international companies continue to invest in China, highlighting its indispensable position in global business operations.
Leenart stressed that China's influence extends far beyond its borders, stating that developments in the country have a profound effect on industries worldwide. He argued that understanding China's dynamics is crucial for any business, even for those that choose not to operate within its borders.
According to Leenart, China currently contributes to 19 percent of the global GDP and 48 percent of Asia's GDP in terms of purchasing power parity, underscoring its substantial economic significance. He further emphasized China's pivotal role in the region's investment banking sector, stating that the industry's success in Asia is closely linked to China's economic performance.
Despite a slight decline in foreign direct investment (FDI) into China last year, Leenart highlighted the country's consistent FDI growth over the past five decades. He expressed optimism about China's future, pointing out the vast opportunities it presents for global trade and commerce.
Echoing Leenart's sentiments, Zhu Haibin, JPMorgan's chief China economist, revised China's growth forecast for 2024 upward to 5.2%, citing the country's resilience and potential for further expansion.
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