Deutsche Bank: China's financial market is witnessing a major shift and stimulate economic growth
[rtl] BEIJING - Xinhua
said John Crean executive director of Deutsche Bank in Beijing recently that the Chinese financial market is witnessing a dramatic shift would generate more opportunities for theChinese economy in the coming years.
Has made Crean his first visit to China after assuming the post of Executive Director of Deutsche Bank 's Group , based in Frankfurt in July 2015, hoping to study on the ground of local business activities of the bank.
he said: «China is a market strategy for Deutsche Bank» a «growing list of opportunities in each of the main areas of business (the Bank)».
the «when I think in China, I think of people in their thirties running a marathon », pointing out that« since the eighties, China has made great strides toward rapid economic growth and globalization. It is amazing what China has achieved in such a short period of time, and the journey is still far from reaching its end ».
He pointed out that there is scope for the development of the Chinese economy towards greater, especially in the service industries and consumption. In parallel, «will be able to a strong, flexible and linked to the world economic growth and support the financial system (for China) is more complicated manner».
The Executive Director of Deutsche Bank believes that the Chinese government is doing a good job in the management transition process difficult which give the old engines of growth and of infrastructure and real estate investment and exports, give way to growth led by consumption.
Crean said that «with the adoption of a wise and supportive monetary and fiscal policies, ensure that the authorities ( the Chinese) that growth is gradually slowing, and consumer prices to stabilize on a large scale, and that the job keeps the height«.
he explained that «services grabbed the reins of things from manufacturing to become the main source of growth and employment, while the private sector continues itsbreadth and lasts an average household income growth pace unenviable, ie by more than 8 percent in real terms in the past year».
said Crean: I see some similarities in the transition of China, adding «first, the transition from old to new growth engines carries geographically distant. The establishment ofmacroeconomic policy to the economy of a heterogeneous increasingly is a big and very complicated responsibility ».
He Secondly, the thing that always gets lost between the lines of news about therestructuring pain lies in the fact that China, like the home of Deutsche Bank , a German, is making great strides in push technology in the areas of manufacturing and services.This will help China and Germany to forge ahead economically in the coming years.When you are satisfied current expectations, companies would increase investment and world trade will regain its momentum. This will help Europe and China.
With regard to the performance of the Chinese currency (renminbi or yuan), through Crean expressed his belief that the renminbi moved to the fore on the world stage, creating many trade and investment opportunities.
He said the financial expert: that « the current stability of the renminbi exchange rate against a basket traditional currencies has contributed significantly to improving the credibility of the newest of managed floating exchange rate under control of the renminbi frame versus weighted trade basket ».
He added that« the most important thing is that this stability eased fears of devaluation of the renminbi and has helped to stabilize market expectations on exchange rate renminbi ».[/rtl]