Global investors more confident in Chinese economy: JP Morgan

BEIJING - Global investors have appeared more confident in China encouraged by the steady economic recovery since the start of the year, according to a senior director of JP Morgan Chase.

"In contrast with a year ago, investors were mainly concerned about the overseas markets ...and were not so worried about the Chinese economy," said Jing Ulrich, the bank's managing director and vice chairman of Asia Pacific, on the sidelines of a three-day China Summit starting Monday.

Ulrich attributed the improved market sentiment to a firming broader economy.

China's GDP expanded 6.9 percent year on year in the first quarter of 2017, the fastest increase in 18 months, with robust investment, factory activity and foreign trade.

Unlike some forecasts that momentum would weaken and a downturn take shape in the second half, she predicted the economy would be resilient and grow 6.7 percent for the whole year, above the government's target of 6.5 percent.

Ulrich highlighted the role of consumption in sustaining the growth, especially a rapidly growing retail market and the Internet finance sector. "China's internet finance sector will likely develop into a market worth 460 billion yuan ($67.79 billion) by 2020."

Ulrich said there would also be latent risks, citing uncertainties in the property sector, the government's fiscal support and a continued financial tightening.

The JP Morgan meeting, the thirteenth in China, has attracted a number of global corporate executives and investors looking to increase their presence and find opportunities in China's economy, as well as officials and economists. The total number of attendees surpassed 2,200. "China has become a core topic of discussion on geopolitics and global trade around the world. So it is significant for global investors to understand China and have a deeper insight into its development trend," Ulrich said.

The attendees will share their views on several areas, including China's financial development and economic outlook, the Belt and Road Initiative, urbanization, retail and e-commerce trend, finance technology and the internet.