Foreign banking institutions raise expectations of China’s economy
Since
May, foreign banking institutions including Standard Chartered, the
Commonwealth Bank of Australia and J.P. Morgan, revised their forecasts on
China’s GDP growth to 6.5, 6.5 and 6.4 percent, respectively.
In the
last year, China has unveiled a shortened negative list for foreign investment,
passed a new foreign investment law, lowered the threshold for the financial
industry and increased the amount that a Qualified Foreign Institutional
Investors (QFII) fund can invest in the Chinese market.
These
opening-up measures were introduced by the Chinese government to further
improve China’s business environment and attract more foreign direct
investment.
Sirui
Liu, partner and head of Dorsey & Whitney International’s Beijing office,
said that China has made significant progress in reform and opening up by
opening its service industry and manufacturing industry wider to the world and
expanding access to such fields as agriculture and energy.
James
Zhou, CEO of Louis Dreyfus’ North Asia Region, spoke highly of China’s
opening-up policies, saying that China is opening even wider to the global
market, sharing the benefits of free trade, and presenting an image of a
responsible major player.
Meanwhile,
foreign investors plan to put more money into China.
Zhu Wei,
chairman of Accenture Greater China, said the company would launch a global
center for research and development to aid more Chinese companies in their
digital transformation, and enlarge its investments in China.
Global
Logistics Providers (GLP), a leading contract logistics provider, has carried
out business in China for over 10 years.
Zhao
Mingqi, co-President for GLP China Asset, said the company has always regarded
the Chinese market as a significant one and will continue to increase its
investment in China.
The
World Bank recently released its Doing Business report, in which China advanced
32 places - ranking 46th - in ease of doing business last year.
China
boasts the world’s second largest market in the insurance sector, said AXA, a
French holding company that provides insurance and financial services. Facing
the increasing demands on quality health care and China’s aging population,
medical insurance is expected to develop fast.
Source:People’s Daily Online
Foreign banking institutions raise expectations of China’s economy
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