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“Confidence has plummeted in the past year,” said Zhiwu Chen, chair professor of finance at the University of Hong Kong, referring to both individuals and businesses in China. “When people are uncertain about the future, their first reaction is to save money.”
“If several million people go out and travel this year, that may still amount to tens of billions of dollars of downward pressure on the foreign exchange reserves that China has,” said Chen Zhiwu, chair professor of finance at Hong Kong University.
“Once the economic conditions stabilize, I would expect a return to whatever was happening prior to November 2022,” says Chen Zhiwu, a professor of finance at the University of Hong Kong.
Chen Zhiwu, one of several leading economists who expect Beijing to push through a series of pro-growth policies, said he expects 2023’s target will be “6 per cent or higher” — much higher than the IMF’s projection of 4.4 per cent. “Given that they may aim for an average growth rate of 5 per cent and 2022 is likely to deliver about 3 per cent, they need to have something like 7 per cent for 2023,” says Chen, a professor of finance at Hong Kong University. Several other economists have predicted 2023 GDP growth at above 5 per cent.
“Given the geopolitical environment, the impact of Covid zero and the domestic political changes in China, Citic Securities probably has no other choice but to make CLSA more domestic-Chinese client focused,” said Chen Zhiwu, chair professor of finance at Hong Kong University.
“It’s a long way to go before we can say there is such a thing as petro-renminbi,” said Chen Zhiwu, chair professor of finance at the University of Hong Kong.
Zhiwu Chen, a finance professor at the University of Hong Kong, said he felt authorities hoped the infections would usher in sufficient immunity within three or four months, allowing small and medium -sized businesses to rebound.
Local-level governments’ implementation of the 20 new easing measures announced by the State Council has been disappointing, casting further doubt on a real reopening any time soon, according to Chen Zhiwu, a chair professor of finance at the University of Hong Kong.
Chen Zhiwu, a professor of finance at the University of Hong Kong, says amid China’s drastically changed political environment, the pressure is “really high, if not higher” for Hui to keep paying down corporate liabilities with his own money.
