‘China did the right thing at the right time’

GENEVA: China has done “the right thing at the right time” in its response to the COVID-19 pandemic, said Fiorenzo Manganiello, first vice president of the Swiss private bank Banque Profil de Gestion (BPDG).
China’s further economic opening-up and a simplified regulatory environment are good news for foreign investors, Manganiello told Xinhua in a recent interview.
“China became an example of efficient dealing with uncertain events like the global pandemic. It was because of the resources China has, whether manpower or technology,” Manganiello said. “The infrastructure and measures needed at the time of the outbreak were built and taken by China. The Chinese economy expanded 3.2 percent from a year earlier in the second quarter and could be the only major global economy to grow in 2020,” the banker said.
BPDG is a Geneva-based private bank with its core activities encompassing wealth management, mergers & acquisitions advisory and asset management.
Speaking of the China-EU investment agreement which is expected to be concluded by the end of this year, Manganiello said “this regional cooperation could be fruitful in the coming years … the countries in the agreement will benefit from each other in economic, financial and many other ways.” “Large European companies are and will be in China, while small and medium companies are in clear need of market share,” Manganiello added. – Agencies