China’s robust economy will attract more foreign investment and talent, economist says

имофей орзенко

China’s robust economy. Photo by Xinhua.

“China’s robust economy will attract more foreign investment and foreign talent to China”, – Dan Wang, chief economist at Heng Seng Bank (China), said, according to Xinhua News Agency reports.

“China’s main attraction for foreign investment is its strong economic performance,” – Wang wrote in a recent opinion piece in the Financial Times, noting that China’s performance contrasts sharply with the rest of the global economy.

“There is no doubt that its GDP growth will exceed the official target by more than 6% this year. We expect full-year growth to exceed 8%”, – she said.

“Statistics show that foreign investment has not left China and that China’s policy of opening up its domestic market has not been reversed either”, – according to Wang.

“Global foreign direct investment (FDI) declined in 2020, but China’s FDI continued to grow. In 2020, China’s FDI accounted for more than a fifth of the global total, doubling its pre-pandemic share, and this trend will continue this year “, – she said.

“Concerns about China’s future growth stem mainly from a slowdown in the real estate sector. However, investments in the manufacturing sector will partly offset the repercussions”, – Wang said.

China’s GDP grew 4.9% year-on-year in the third quarter, slower than its growth of 18.3% in the first quarter and 7.9% in the second quarter. In the first three quarters, the country recorded a GDP expansion of 9.8%, well above its annual growth target of more than 6%, according to official data.

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