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Interview: "China did the right thing at the right time," says Swiss banker

(Xinhua)    13:47, September 18, 2020

GENEVA, Sept. 17 (Xinhua) -- China has done "the right thing at the right time" in its response to the COVID-19 pandemic, said Fiorenzo Manganiello, first vice president of the Swiss private bank Banque Profil de Gestion (BPDG).

China's further economic opening-up and a simplified regulatory environment are good news for foreign investors, Manganiello told Xinhua in a recent interview.

"China became an example of efficient dealing with uncertain events like the global pandemic. It was because of the resources China has, whether manpower or technology," Manganiello said.

"The infrastructure and measures needed at the time of the outbreak were built and taken by China. The Chinese economy expanded 3.2 percent from a year earlier in the second quarter and could be the only major global economy to grow in 2020," the banker said.

BPDG is a Geneva-based private bank with its core activities encompassing wealth management, mergers & acquisitions advisory and asset management.

Speaking of the China-EU investment agreement which is expected to be concluded by the end of this year, Manganiello said "this regional cooperation could be fruitful in the coming years ... the countries in the agreement will benefit from each other in economic, financial and many other ways."

"Large European companies are and will be in China, while small and medium companies are in clear need of market share," Manganiello added.

The Chinese government has taken a batch of measures to further open up the world's second-biggest economy and improve the business environment for foreign investors, such as shortening the negative list for foreign investments and enhancing protection of intellectual property rights.

"China is moving towards relaxed regulations for foreign companies. This is a key for foreign investors like us as the conditions for doing business are favourable," he said.

"I believe that China's economic transformation and modernization will make the processes of trading more efficient and effective without compromises on quality. Hence, it will be easier for us to build technology hubs in the country, create join ventures with Chinese companies and invest capital into local businesses," Manganiello added.

He also said that the pandemic will have an impact on economic globalization due to the delocalization of production in some countries, especially in labor-intensive industries.

"The rise towards a 'digital' globalization, dominated by smart working, video conferencing, telemedicine and e-learning, represents a clear development opportunity," Manganiello said.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Wen Ying, Bianji)

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