World CEOs optimistic about China's economic outlook
Patrick Tsang, CEO of Deloitte China
China's economic resilience has stemmed from the fact demand for many things has not been met despite rapid economic growth in recent years. The epidemic won't change these dynamics, given China's nascent consumption boom.
Given that China is the largest trading partner and tourist destination for most economies in our region, slowdown and disruptions caused by the epidemic will affect most regional economies. We expect China to remain a key growth driver of the global economy in 2020.
On supply chains, most leading global companies prefer to keep their suppliers nearby, which has played into China's strength. It would be good for China to reinforce its comparative advantage by opening up certain sectors, such as auto and services, so additional foreign direct investment will strengthen the existing supply chain.
