ADB chief economist Wei Shangjin China’s stock market crash is overreaction ratatouille

ADB chief economist Wei Shangjin: China stock market overreaction is Sina Level2:A shares Sina speed Kanpan finance client: the most profitable investors in Japanese economic news source: Chinese version of the global financial market jitters are spreading. On the background of China’s economic slowdown, the Japanese economic news (Chinese version: Nikkei Chinese network) interviewed Wei Shangjin, chief economist of the Asian Development Bank (ADB). He pointed out that China’s personal consumption is brisk and will maintain a growth rate of about 6~7% in the next few years. With regard to the global financial market turmoil such as the decline of China’s stock market, Wei Shangjin said this is "overreaction"". The main content of the interview is as follows. (Note: translated from Japanese original text) reporter: China’s economy is slowing down. What do you think? Wei Shangjin: the main reason is the decrease of the labor force and the rise of wages. The labor force will decrease by 0.3% per year, which will reduce the growth rate of GDP by 0.18%. As the economy grows, wages will rise naturally. Japan has also exported fiber products, and then moved to china. It’s shifting to low wage countries like India and bangladesh. In order to cope with the reduction of labor force and wage increase, China must produce high value-added products and promote the automation of factories and other equipment. China has begun to invest heavily in automation. Reporter: do you think China’s economy will maintain a growth rate of about 6~7% in the future? Wei Shangjin: in the next few years, we should be able to maintain. From the "explosion buying" of Chinese tourists in Japan, it can be seen that the will of individual consumption is very strong both at home and abroad. If you don’t have confidence in your income growth, you won’t be shopping like that. Reporter: devaluation of the RMB also, how do you see? Wei Shangjin: I think the devaluation of the RMB is closer to the economic fundamentals. The Chinese government should pay more attention to the market principle of demand and supply in determining the value of money. Reporter: even so, the market is still worried about the prospects of China’s economy, China’s stock market fell sharply. Wei Shangjin: I think the market is overreacting. China’s financial market is not yet mature, it is necessary to improve the control measures and information release mechanism. The work of market regulators is not only to prevent stock prices from falling, but also to formulate accurate and appropriate information provision mechanism. Reporter: there are voices worried about the emergence of a global economic crisis originated in china. Wei Shangjin: China’s economic slowdown will have an impact on the world, we can not ignore the expected U.S. interest rate hike and the monetary policy of developed countries and other risks. However, the possibility of low growth in the world is low. In addition to China, India, Philippines and Vietnam have also achieved rapid growth. The decline in prices of crude oil and other commodities has been good for importing countries. Sina statement: this news is reprinted from Sina cooperation media, Sina published this article for the purpose of transmitting more information, does not mean to agree with its views or confirm its description. This article is for reference only and does not constitute investment advice. Investors operate accordingly and take risks at their own expense. Enter Sina Financial shares] discussion

亚开行首席经济学家魏尚进:中国股市大跌是反应过度 新浪财经Level2:A股极速看盘 新浪财经客户端:最赚钱的投资者都在用   来源:日本经济新闻中文版   全球金融市场上的不安情绪正在扩散。有关中国经济减速这一背景,日本经济新闻(中文版:日经中文网)采访了亚洲开发银行(ADB)的首席经济学家魏尚进。 他指出,中国个人消费表现活跃,今后几年将维持6~7%左右的增长率。关于中国股市下跌等全球性金融市场混乱,魏尚进表示这是“反应过度”。主要采访内容 如下。(注:本文由日语原稿翻译而成)   记者:中国经济出现减速,您怎么看?   魏尚进:主要原因是劳动人口的减少和工资的上涨。劳动人口每年减少0.3%,将拉低0.18%的GDP增长率。随着经济增长工资自然也会上涨。日本也曾经对外出口纤维产品,之后转移到中国。现在正在向印度和孟加拉国等工资低廉的国家转移。   中国为了应对劳动力减少和工资上涨,必须生产高附加值产品,推进工厂等的设备自动化。中国已开始大力面向自动化领域投资。   记者:您认为今后中国经济将保持6~7%左右的增长率吗?   魏尚进:今后几年应该可以保持。从中国游客在日本的“爆买”就可以看出,个人消费意愿在海内外均很强烈。如果不是对收入增长有信心,不会这样购物的。   记者:人民币也出现贬值,您怎么看?   魏尚进:我认为当前人民币贬值更接近经济基本面。中国政府在决定货币价值上应该更注重发挥需求与供给的市场原理。   记者:即便如此,市场仍对中国经济前景感到担忧,中国股市大幅下跌。   魏尚进:我认为市场反应过度了。中国的金融市场尚未成熟,有必要改善管制措施和信息发布机制等。市场监管方的工作并不只是防止股价下跌,还应制定准确恰当的信息提供机制。   记者:有声音担忧将出现发源于中国的全球性经济危机。   魏尚进:中国的经济减速会对全球产生影响,也不能忽视预想外的美国加息和发达国家的货币政策等风险。不过,全球陷入低增长的可能性较低。除了中国,印度、菲律宾和越南等国也实现了高速增长。原油等大宗商品价格的下跌对进口国构成利好。 新浪声明:此消息系转载自新浪合作媒体,新浪网登载此文出于传递更多信息之目的,并不意味着赞同其观点或证实其描述。文章内容仅供参考,不构成投资建议。投资者据此操作,风险自担。 进入【新浪财经股吧】讨论相关的主题文章: