Transcript
Matt Jones
Welcome to Idea Jeneration with Stephen Jen, a podcast series offering insights into long-term themes within global markets.
This is a production of Eurizon SLJ Capital, and has been recorded for professional investors. My name is Matt Jones, Head of Distribution for Eurizon SLJ Capital.
In today's episode, we ask Stephen Jen how China should be categorised relative to other major economies, and to look back at 2020 and assess how the pandemic has impacted on China's growth path.
Stephen Jen
For the longest time, we talked about (1) the US economy and the Federal Reserve, then we talk about (2) DM, then we talk about (3) EM. And it used to be acceptable to consider China in the third category, the third consideration that we have. What I'm saying is a very obvious point, that we should promote China to the top: it's the US and China, then we can consider DM on the one hand and EM on the other.
The winner of 2020 was China. Fairly or unfairly - we can debate on how China managed the situation; China allowed the virus to get out of China, but managed the situation in China. The end result - however you want to interpret what they did, how they did it - the end result is tremendous economic stability, better health performance...
And actually, this point is very important, China was on track before the pandemic to match the GDP of the European Union by 2030 and do the same with the United States by 2040; but with the pandemic, I think the crossover points have been brought forward by two years. This is this is the point. And I think China is on the upper leg of the K [-shaped recovery].
Matt Jones
Further information can be found within the episode description, and more insights are available at eurizonsljcapital.com/insights.
The views expressed within this podcast were accurate as at the time of publication. Opinions expressed by the speakers are their own and do not necessarily reflect those of Eurizon SLJ Capital Limited, Eurizon Capital SGR or the Intesa Sanpaolo Group.
Source
Audio taken from the Capitalmarket.events web conference Emerging Market Perspectives, recorded on 21st April 2021
Disclosure
This communication is issued by Eurizon SLJ Capital Limited (“ESLJ”), a private limited company registered in England (company number: 09775525) having its registered office at 90 Queen Street, London EC4N 1SA, United Kingdom. ESLJ is authorised and regulated by the Financial Conduct Authority (FRN: 736926). This communication is treated as a marketing communication intended for professional investors only and is provided only for information purposes. It has not been prepared in accordance with legal and regulatory requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. It does not constitute research on investment matters and should not be construed as containing any recommendation, advice or suggestion, implicit or explicit, with respect to any investment strategy or financial instruments, or the issuers of any financial instruments, or a solicitation, offer or financial promotion relating to any securities or investments. ESLJ and its affiliates do not assume any liability whatsoever for the contents of this communication, save to the extent agreed in any written contract entered into between ESLJ and the recipient, and do not make any representation or warranty as to the accuracy or completeness of any information contained in this communication. Views are accurate as at the time of publication. Opinions expressed by individuals are their own and do not necessarily reflect those of ESLJ or any of its affiliates. The value of any investment may change and an investor may not get back the original amount invested. Past performance is not an indicator of future performance. This communication may not be reproduced, redistributed or copied in whole or in part for any purpose. It may not be distributed in any jurisdiction where its distribution may be restricted by law and persons into whose possession this communication comes should inform themselves about, and observe, any such restrictions.
ESLJ-110521-PO2
View more content from
the Capitalmarket.events web conference Emerging Market Perspectives
Our Research
Our written research products aim to provide unique and orthogonal insights on key global economic and policy issues in a timely fashion.
