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European asset management giant bullish on investment in China

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      China

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      European asset management giant bullish on investment in China

      2024-09-10 20:01 Last Updated At:21:37

      China has been recovering better than expected in the current market cycle with good long-term investment opportunities, especially in its leading industrial sectors, said a top official with Amundi, Europe's largest money manager, during the 2024 Bund Summit.

      The 2024 Bund Summit, themed "Navigating a Changing World," was held in Shanghai from Sept. 5 to 7, featuring former central bank governors, leading economists and business leaders, among others from across the world.

      Eddy Wong, CEO Asia of Amundi, said in an exclusive interview with China Global Television Network (CGTN) that Chinese investors are more inclined to invest in local assets with low-risk portfolios, and gold would be an ideal choice for the current market situation.

      "Chinese investors are very home-biased, a little bit like U.S. investors. So, 80 percent or above, they pretty much invest in local assets. So, we have touched on the fact that the wealth management products are pretty much local. I think these are the lower-risk products that they will continue to look for. At the same time, offshore opportunities, especially for the higher net worth clients, they are thinking about how can they better allocate their portfolio and their money by investing in a more diversified way. So, from that perspective, fixed income could pose a bit of interest for many mainland investors. For Amundi, we have different kinds of strategies and one of them, just to name it, is to invest in gold. Think about it, gold is at record high, and if you are able to diversify some of your underlying [assets] to gold, as an example, I am not saying I am promoting gold, but like this is something that could help the investors to ride through the journeys, having more diversified portfolios, I think would help," he said.

      Wong also said that some of China's economic sectors are facing short-term pressure, but leading sectors, such as research, development, and manufacturing have huge investment potential in the long run.

      "I think China has been recovering better than expected, at least from Amundi's perspective. So, it's okay and this is the market cycle. Right now, I think the key would be to hang onto it, to making sure that the consumption sector and the property sector could be, in the short term, having a bit of pressure. But look at the new energy sector, China is way ahead when it compares to other nations, in terms of solar panels, in terms of EVs, in terms of batteries. I am absolutely confident that we can find good investment opportunities in the long term. You just need to focus on what are the things for that particular sector that could work well, and then underweight the rest," he said.

      European asset management giant bullish on investment in China

      European asset management giant bullish on investment in China

      A Chinese envoy on Thursday called on all peace-loving countries to promote the implementation of the two-state solution as it is the sole viable solution to the Middle East issue.

      The call was made by China's deputy permanent representative to the United Nations Geng Shuang at a commemoration marking the 77th anniversary of the Nakba ("catastrophe" in Arabic) which was held by the Committee on the Exercise of the Inalienable Rights of the Palestinian People at the United Nations headquarters in New York.

      The Nakaba refers to the mass displacement and dispossession of Palestinians during the 1948 Arab-Israeli war. It remains a deeply traumatic event in the Palestinian collective memory and continues to shape their struggle for justice and for their right to return to their homes.

      Urging steps to realize a comprehensive and lasting solution to the Palestinian question, Geng stressed that only through the implementation of the two-state solution can the Nakba be consigned to history.

      Seventy-seven years ago, more than half of the Palestinian people were expelled or fled from their homes during the Arab-Israeli war, and they have since embarked on the arduous journey of striving for their legitimate rights and interests, Geng said.

      "Today, 77 years later, the historical injustice suffered by the Palestinian people has not only remained unaddressed, but has even worsened," he pointed out.

      Noting the question of Palestine, at the core of the Middle East issue, bears on peace, stability, and long-term security of the region, Geng said the implementation of the two-State solution is the only viable way to resolve the question.

      The imperative now is to immediately realize a lasting ceasefire in Gaza and alleviate the humanitarian disaster, Geng said, urging Israel to implement the United Nations Security Council and General Assembly resolutions, comply with the International Court of Justice provisional measures and advisory opinion, and immediately cease all military attacks and violations of international law, especially the International Humanitarian Law.

      "On the question of Palestine, China, upholding fairness and justice, remains steadfast in its support for the justice cause of the Palestinian people to restore their legitimate national rights for the early establishment of the fully sovereign and independent State of Palestine based on the 1967 borders with East Jerusalem as its capital, and for the early admission of the State of Palestine as a full member of the United Nations," Geng added.

      Chinese envoy stresses two-state solution as sole viable solution to Middle East issue

      Chinese envoy stresses two-state solution as sole viable solution to Middle East issue

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