Skip to Content Facebook Feature Image

European asset management giant bullish on investment in China

China

Video Player is loading.
Current Time 0:00
Duration -:-
Loaded: 0%
Stream Type LIVE
Remaining Time 0:00
Â
1x
    • Chapters
    • descriptions off, selected
    • captions off, selected
      China

      China

      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

      Next Article

      People across China make preparations to welcome Spring Festival

      2025-01-21 06:41 Last Updated At:07:17

      A festive atmosphere is building up as people across China have been making preparations to ring in the Spring Festival next week, with lights and decorations set everywhere, and with New Year goods markets all seeing booming sales.

      The Spring Festival, which marks the start of the Chinese Lunar New Year, is the most important annual holiday in China, when people across the country return to their hometowns for Chinese Lunar New Year celebrations and family reunion. 

      In Xi'an City of northwest China's Shaanxi Province, a grand lantern show is in its final stage of preparation before opening to the public ahead of the eve of the 2025 Chinese Lunar New Year. To be lit up on Wednesday, the large light sets presented at the event will draw numerous visitors, with lanterns that replicate 38 cultural relics as the highlight.

      Buying New Year flowers has been a custom for Chinese people. In Yancheng City of east China's Jiangsu Province, various flowers which have auspicious meanings are already in high demand.

      This year, tulips bred locally have been put on sale, and quickly become a favorable choice for many customers.  

      "I have never seen this kind of flower before. I think it is really bright-colored. Therefore, I decided to buy some to enhance the festive atmosphere at home," said Zhang Jinjian, a local resident.

      The Anchang ancient town in Shaoxing City of east China's Zhejiang Province has a time-honored custom of making aired sausages and spiced duck.

      As the Spring Festival draws near, plenty of visitors and tourists choose to purchase these local delicacies as ingredients for their Chinese New Year feast.

      "The number of tourists has been increasing, so the sales of our spiced meat have been quite good. Compared with the same period of last year, our sales is expected to increase by about 50,000 yuan (about 6,835 U.S. dollars). We will earn an additional 200,000 to 300,000 yuan (27,335 to 41,000 U.S. dollars) in sales during this whole winter," said Yang Jing, owner of a local spiced meat shop.

      In southwest China's Yunnan Province, the "Tiaocai dance" is a time-honored tradition of the Yi ethnic minority group. The dance is presented in the form of serving dishes while dancing to the rhythm. It usually happens on a joyous or grand occasion.

      Since the most significant annual festival is around the corner, Yi people have dressed up in traditional costumes, and got ready to welcome the arrival of the Chinese Lunar New Year with the special dance.  

      People across China make preparations to welcome Spring Festival

      People across China make preparations to welcome Spring Festival

      Recommended Articles
      Hot · Posts