DAVOS: China’s technological innovations across multiple key sectors can serve as a driving force for the world amid the current global unrest, while the country will only become even more competitive on the world stage as its economic recovery continues, according to the founder of the world’s top hedge fund.
Ray Dalio, the founder of leading American investment firm Bridgewater Associates, offered his insights on China’s current financial standing and development trends when speaking to the China Global Television Network (CGTN) on the sidelines of the World Economic Forum (WEF) Annual Meeting 2024.
Held in the Swiss Alpine town of Davos, the 54th WEF opened on Monday with more than 2,800 representatives from over 120 countries and regions, including 60 heads of state and government, gathering to discuss the future of the world economy under the theme of “Rebuilding Trust”.
Dalio noted that challenges in the country’s real estate sector are one of the most pressing concerns in the next step of China’s ec
onomic recovery. However, he believes this is a manageable issue and, if handled properly, the country’s vast consumption potential can still be unleashed.
“There is an immediate problem that is taking place because of the real estate problem carrying to the local government financial problem. Those problems are manageable, if managed well. There might be forms of restructuring that need monetary policy and the like. They have an effect on people’s attitudes and their willingness to spend money and so on. That’s, of course, an issue,” he said.
Dalio pointed to the advancements made by China in the tech sector, noting the country has taken the global lead in areas such as clean energy facilities and electric vehicles, and said it has shown resilience in sci-tech exploration. He also believes that the current “intensity” in terms of global competition can actually help to speed up development and foster greater innovation.
Source: Emirates News Agency
