Chinese Bullish on Dog Year
A survey by PwC revealed executives in China are optimistic about revenue growth in the coming year.
There is a sizeable increase in the proportion of executives in China who are «very confident» this year compared to the 24 percent who reported the same in 2016. PwC’s 2017 APEC CEO Survey China report revealed that 39 percent of the executives in China are optimistic about their company’s prospects for revenue growth in the next 12 months.
To drive their growth strategy, 81 percent of executives in China were «just as confident» or «more confident» about launching a new product or service or entering a new line of business. PwC surveyed over 1,400 CEOs and business leaders across APEC’s 21 economies (including 202 based in China and Hong Kong).
Chinese Expansion to Continue
Chinese banks and financial services firms began to stretch their legs this year venturing into Southeast Asia and across to Europe. Ant Financial pushed into Asean markets, car maker Geely acquired Saxo Bank and China's Legend Holdings (Legend) bought a 90 percent stake in Banque Internationale a Luxembourg (BIL) for 1.48 billion euros.
In April this year China Merchants Bank launched a new private banking center in Singapore, part of its plan to follow the growing flow of Chinese wealth into international markets. We can expect more of the same in the coming year.
