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Haitong Securities: “The old China may be slowing down, but the new China is blooming”

Miranda Carr gave an exclusive interview to Polish newspaper Parkiet in which she commented on the Chinese economic situation

Miranda Carr, Head of Chinese thematic research in Haitong Securities, claims that Chinese economy can be divided into two groups: the old and the new sectors. The first one consists of mining, metallurgy, concrete industry etc. They are responsible for approximately 65 per cent of GDP. 

Some of the old sectors reported a drop not only in the value of investments but also in the production. This is where the thesis about the upcoming recession caused by the slowdown in Middle Kingdom come from. However, this opinion exclude the dynamic development of the new sectors of Chinese economy: e-commerce, tourism, telecommunication and medical service. 

Miranda Carr underlines in the interview that the “new” China is based on the service instead of the industry and the consumption instead of the investment and the export. 

Haitong Securities expects that Chinese economy will grow by 6.8 per cent in 2015.

Read the article here (Polish version, only for registered users)