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Report outlines China's role in new global financial order

By Lu Haoting (chinadaily.com.cn)
Updated: 2008-12-18 16:32

China will play a stabilizing role in the new global financial order emerging from the financial crisis, said a report released by Deloitte Touche Tohmatsu yesterday.

Special coverage: Coping with Financial Crisis Related readings:  Financial crisis won't stop China's opening up, reform  China can keep steady economic growth by overcoming crisis  Official: China faces "worse-than-expected" downturn risks  VP: World financial crisis 'to test Chinese leadership'

The report said the crisis represents "more of an opportunity than a threat" for China as the country has "significant comparative advantage over other economies." Deloitte said the large consuming population, coupled with strong infrastructure investments, a high savings rate and a robust balance sheet, will not only keep China steady through the global volatility, but will also initiate profound changes to China's inbound and outbound investments.

The report was published by the Deloitte China Research and Insight Center, which has been established to conduct research and analysis on critical economic and business issues and trends impacting China.

The report identified a number of challenges the country will face from the indirect impact of the global crisis on China's real economy. Declining exports, property values and depressed domestic equity markets reflect a slight downturn, though minimal in comparison to the rest of the world.

"China will remain among the world's most attractive investment destinations. But we do expect some adjustments will be made by investors, such as a focus on growth capital as opposed to take-overs, a longer period of three to five years before exits can be effected, and more attention to robust value propositions to meet the needs of sellers," said Charles Yen, managing partner of Deloitte China Clients & Markets.

"At the same time, we expect to see increased Chinese outbound investment in response to a combination of factors including strategic acquisitions as well as lower valuations," Yen said.