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“I think China is going through a major transition from old economy to new economy,” CEO of Standard Chartered Bank Bill Winters said on Monday. “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.”
He made the remarks during the World Government Summit held in Dubai on February 12.
Winters expressed optimism about the world’s second-largest economy, pointing out that every society that has undergone major economic transition inevitably 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,” the banking CEO said. “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, also voiced optimism about China’s economy. Even as China’s economy is facing difficulties, treating it as un-investable like some analysts have suggested would not be the right call, he told CNBC.
“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.
(Cover: Bill Winters (L), CEO of the Standard Chartered Bank, listens as Bernard Mensah, president of the International Bank of America, addresses the World Government Summit in Dubai, United Arab Emirates, February 12, 2024. /CFP)
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