Interview: China's economy recovering more solidly than many may realize -- Deutsche Bank regional CEO-Xinhua

Interview: China's economy recovering more solidly than many may realize -- Deutsche Bank regional CEO

Source: Xinhua

Editor: huaxia

2024-04-17 14:42:45

SHANGHAI, April 17 (Xinhua) -- China's economy is recovering more solidly than many commentators outside the country may realize, a member of the Management Board of Deutsche Bank told Xinhua in a recent written interview.

"We are firmly positive on China's long-term growth prospects... China continues to offer attractive opportunities for investment, and continues to be a strategically important market for many German companies," said Alexander von zur Muehlen, Deutsche Bank's CEO for Asia Pacific, Europe, Middle East & Africa and Germany.

He noted that many of the structural drivers underpinning China's growth are largely intact.

"The development of a strong domestic demand base has been an important cornerstone supporting the economy. As an example, the pick-up in economic activity following the Lunar New Year period (of 2024) was stronger than many expected," he said.

On Tuesday, data from the National Bureau of Statistics showed that China's GDP grew 5.3 percent year on year in the first three months of 2024. Several global banks raised their forecasts after the first-quarter numbers. Deutsche Bank now expects a 5.2-percent growth for China in 2024, half a percentage point above its previous forecast.

The Frankfurt-based bank started its first international presence in Shanghai in 1872. China is "a critical part" of Deutsche Bank's global network, as it is "an indispensable part" of the global businesses of many of the bank's clients, said von zur Muehlen.

The interviewee hailed China's "invaluable role" in many global supply chains thanks to its technological market leadership and integrated production ecosystems in certain segments.

Meanwhile, he spoke highly of the strides China has made in opening up its capital markets over the years, and expressed optimism that China's capital markets will be brought closer together with global markets.

"Deutsche Bank is proud to play an active role in supporting the internationalization of China's currency and capital markets," he added.

He also said that he sees "significant potential for China to play a driving role in the development of emerging growth corridors globally -- for instance between Asia Pacific and the Middle East, Africa or Latin America, or even intra-Asia trade flows."

"We expect the trade and investment flows between emerging markets to grow in an accelerated fashion, and for China to be a key player here," von Zur Muehlen added.