久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

UBS chief sees brighter prospects for 2017

By Li Xiang | China Daily Europe | Updated: 2017-03-05 15:59

Former head of German central bank sees 'upside potential' amid uncertainties

When it comes to risk assessments, Axel Weber, chairman of UBS Group AG, is among the few who have been able to see things from both a regulatory and business perspective.

A former German central bank governor and a member of the governing council of the European Central Bank, the Swiss bank chief sees political uncertainties as the No 1 risk facing the global economy and financial industry this year.

After a wild and unpredictable 2016, risks could emerge from such quarters as the Brexit negotiations and the policy choices of the Trump administration in the United States, which could have a substantial impact on the world's major economies, he tells China Daily in an interview.

UBS chief sees brighter prospects for 2017

Axel Weber, chairman of UBS Group AG. Jason Alden / Getty Images

Nonetheless, Weber remains upbeat about prospects for the global economy and believes there will be an "upside potential" in global growth for the first time in five years.

When it comes to UBS' China operations, Weber says the bank has no plan to shrink its presence despite a disappointing financial performance that saw its global net profit decline to 3.3 billion Swiss francs ($3.26 billion; 3 billion euros; 2.6 billion) in 2016 from 6.2 billion Swiss francs a year earlier.

Instead, the bank has recently increased its stake in its securities joint venture in China, which Weber says its long-term engagement with the world's fastest-growing economy and wealth market.

The following are edited excerpts from the interview:

How do you view prospects for the global economy and the major risks in 2017?

I think there is a good chance that, for the first time in the last five years, global growth may surprise on the upside in 2017.

We might see stronger growth largely spearheaded by a strong US economy. Monetary policy normalization in the US is also likely to continue to progress, and that provides some upside for returns in financial markets.

I expect 2017 to continue to be a good environment for equities as easy monetary policies still support a rotation out of fixed-income investments into equity investments.

Financial markets are likely to continue to improve and financial institutions' and banks' profitability is likely to increase as a result of that.

The key risks to the global economy are political, such as the outcome of Brexit negotiations and the mix and the timing of trade, fiscal and structural policies in the US. Then there are a number of election risks in Europe.

How do you think the Trump presidency is going to impact financial regulation in the US and how is UBS preparing for the possible changes?

We have built a solid capital position and our core Tier 1 capital ratio is roughly at 14 percent as we speak. We've done all the things that are needed on the regulatory side to be better equipped for the future.

I don't think we will see a massive rollback of regulation at the global level. Nor will we see it in the United States.

The banks have done a lot to improve their resilience compared with the pre-crisis level. I expect to see a new balance between fostering growth, which needs an intact and functioning banking system, and new regulation which is impacting, at least during the transition period, the financial system's ability to finance growth.

So I do expect much less regulation going forward from the major economies.

What do you think are the risks and opportunities facing China's economy?

The property market will continue to be an issue for the Chinese authorities. Second is the change in the course of the renminbi since 2015.

China has committed to open up its capital market. But it is going to happen in a controlled fashion and not as a "big bang" solution. We are going to continue to see the application of capital controls to provide an orderly transition.

What is the priority of UBS in China in terms of business segments?

The core of what UBS does internationally is wealth management, supported by a targeted business of investment banking and asset management. That is also our strategy in China.

The country is a large growing economy, with the largest growing wealth market. So being a wealth manager in China is important. For institutional business, having an investment banking business with a structuring capability is important for us to get closer to clients. Many of the founders and owners of the companies will also do capital market transactions, and will receive and put funds through the wealth management service as they increase their private wealth, and as they become successful entrepreneurs.

Why has UBS been increasing the stake in its joint venture in China?

It shows our commitment with Chinese partners and is part of the long-term engagement plan that UBS has in China.

We have a continuous plan to increase our onshore presence in China. We now have more than 600 people in the onshore business in China, and we will be doubling the head count by 2020.

Our joint venture, UBS Securities, has been working very well for us. It is important for us to be part of China's success story and the process of the opening up of its financial markets.

How do you see Chinese companies' M&A trend in 2017?

Chinese M&A activities were strong in 2016. While we expect lower outbound activity this year, we are going to continue to see interest from Chinese investors to diversify their operations and invest their money not just domestically but also internationally. UBS has been a leading M&A adviser in the country, participating in many of the landmark deals, and we expect continued interest from our clients in this field.

What do you think are the opportunities for UBS, as China promotes the Belt and Road Initiative?

It will add investment opportunities in the Asian region. It is something we are observing very closely. Most of the projects will be related and linked to infrastructure investment.

UBS is one of the banks that has always looked favorably at private and public partnerships in financing growth. UBS being present in all the major markets in Asia will contribute to this growth and to investment opportunities.

We are not concretely involved in any specific projects yet, but I think the whole initiative is shaping up well.

We believe such a targeted investment program will create more constructive interaction and dynamics in the region.

It should be very favorable for growth and business opportunities and for banks like us in the region.

As a former policymaker, what is your suggestion for Chinese policymakers?

Striking the right balance between the countervailing forces in the economy is the challenge faced by Chinese policymakers.

If interest rates were to rise, it could jolt growth and have a negative impact on the economy.

If the rates were to fall further it could accelerate the depreciation of the currency and produce new financial bubbles in other areas.

I think keeping the monetary policy as it is and using capital controls, to sustain the opening-up process in an orderly fashion, is an appropriate policy choice.

lixiang@chinadaily.com.cn

Bio

Axel Weber

Chairman of UBS Group AG

Age: 60

Nationality: German

Career:

2012 onward: Chairman of the Board of Directors of UBS AG

2011-12: Visiting professor, University of Chicago Booth School of Business, United States

2004-11: President of Deutsche Bundesbank; Member of the governing council of the European Central Bank; member of the board of directors of the Bank for International Settlements;

2001-04: Professor of International economics and director of the Center for Financial Research, University of Cologne, Germany; Member of the German Council of Economic Experts

1998-2001: Professor of applied monetary economics and director of the Center for Financial Studies, Goethe University of Frankfurt/Main, Germany

Education:

Habilitation and PhD in Economics, University of Siegen, Germany

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    国产在线不卡一区| av在线不卡观看免费观看| 欧美精品一区二区三| 精品一区二区三区在线视频| 国产丝袜在线精品| 一本一本久久a久久精品综合麻豆| 亚洲一区欧美一区| 欧美一卡二卡在线观看| 国产精品一区二区你懂的| 中文字幕在线观看一区二区| 欧美亚洲一区二区三区四区| 日韩电影在线一区| 欧美国产97人人爽人人喊| 91丨porny丨最新| 日产精品久久久久久久性色| 久久久久国产免费免费| 色综合久久88色综合天天6| 日韩avvvv在线播放| 欧美激情在线免费观看| 欧美伊人久久久久久久久影院| 麻豆成人综合网| 国产精品伦一区| 在线观看91av| 成人午夜电影久久影院| 亚洲电影在线免费观看| 久久久精品国产免大香伊| 色天天综合色天天久久| 精品在线观看视频| 亚洲人成网站精品片在线观看 | 日韩视频一区二区在线观看| 成人午夜av电影| 婷婷夜色潮精品综合在线| 国产日韩精品久久久| 欧美在线观看你懂的| 国产精品一区三区| 天天做天天摸天天爽国产一区| 国产日韩成人精品| 在线不卡一区二区| 成人高清视频免费观看| 亚洲va国产va欧美va观看| 中文字幕免费一区| 91麻豆精品国产91久久久久| 成人av免费观看| 蜜臀久久久99精品久久久久久| 亚洲色图制服丝袜| www国产精品av| 欧美性猛交xxxx黑人交| 国产一区二区中文字幕| 亚洲愉拍自拍另类高清精品| 国产午夜精品一区二区三区四区| 精品视频999| voyeur盗摄精品| 国产自产v一区二区三区c| 亚洲国产裸拍裸体视频在线观看乱了 | 国产91精品在线观看| 日本欧美肥老太交大片| 一区二区三区在线不卡| 欧美国产国产综合| 精品999在线播放| 欧美高清激情brazzers| 色88888久久久久久影院野外| 国产福利91精品一区| 蜜臀av性久久久久蜜臀aⅴ| 亚洲电影欧美电影有声小说| 中文字幕日韩一区二区| 久久嫩草精品久久久精品一| 欧美一区二区播放| 欧美日本一道本| 91久久精品国产91性色tv| 不卡av免费在线观看| 国产一区不卡精品| 久久www免费人成看片高清| 午夜一区二区三区在线观看| 亚洲精品乱码久久久久久黑人| 国产精品无码永久免费888| 26uuu色噜噜精品一区二区| 91精品国产高清一区二区三区 | 欧美日韩国产综合草草| 日本韩国欧美一区| 色综合久久久久综合99| 91在线免费播放| av高清久久久| 99久久国产综合精品色伊| 成人中文字幕在线| 国产乱码精品一区二区三| 韩国午夜理伦三级不卡影院| 麻豆成人av在线| 蜜乳av一区二区三区| 蜜桃一区二区三区在线观看| 日本v片在线高清不卡在线观看| 午夜久久久久久| 亚洲国产一区二区在线播放| 亚洲国产人成综合网站| 亚洲一区二区三区四区中文字幕 | 日韩vs国产vs欧美| 日韩精品五月天| 免费一区二区视频| 久久精品国产亚洲5555| 久久99久国产精品黄毛片色诱| 秋霞午夜鲁丝一区二区老狼| 老司机午夜精品| 国内外精品视频| 国产高清不卡一区二区| 丁香啪啪综合成人亚洲小说| 成人网页在线观看| av成人动漫在线观看| 91色|porny| 欧美中文字幕一二三区视频| 欧美日韩在线播| 欧美一区二区三级| 精品日韩在线观看| 国产日韩精品一区| 亚洲欧美一区二区在线观看| 亚洲欧美精品午睡沙发| 亚洲一区二区高清| 日av在线不卡| 国产精品一区二区视频| youjizz久久| 91高清视频在线| 欧美剧情电影在线观看完整版免费励志电影| 欧美日韩二区三区| 欧美变态tickle挠乳网站| 久久综合给合久久狠狠狠97色69| 亚洲国产岛国毛片在线| 亚洲欧美电影一区二区| 亚洲国产综合在线| 看电视剧不卡顿的网站| 国产成人精品亚洲午夜麻豆| 波多野结衣亚洲| 欧美视频一区二区| 日韩女优电影在线观看| 中日韩免费视频中文字幕| 亚洲老妇xxxxxx| 日本亚洲天堂网| 国产精品综合视频| 91免费看`日韩一区二区| 欧美日韩情趣电影| 精品国产不卡一区二区三区| 国产精品久久免费看| 亚洲va国产va欧美va观看| 极品瑜伽女神91| 99久久国产免费看| 在线播放91灌醉迷j高跟美女 | 日韩精品一区二区三区三区免费 | 亚洲高清不卡在线观看| 另类小说综合欧美亚洲| 成人黄色软件下载| 91成人在线免费观看| 欧美sm极限捆绑bd| 中文字幕中文在线不卡住| 香蕉久久一区二区不卡无毒影院| 国精产品一区一区三区mba视频| 99久久精品免费看国产免费软件| 欧美群妇大交群中文字幕| 久久蜜桃香蕉精品一区二区三区| 亚洲免费在线视频一区 二区| 秋霞影院一区二区| 99精品视频一区| 日韩视频免费观看高清在线视频| 国产精品美女久久久久久2018 | 5858s免费视频成人| 久久久久久久久久美女| 亚洲五码中文字幕| 国产成人精品三级麻豆| 欧美日韩高清一区二区| 国产精品美女久久久久av爽李琼 | 3751色影院一区二区三区| 中文字幕免费不卡在线| 日本不卡在线视频| 91网站在线观看视频| 2020国产精品自拍| 亚洲一区二区在线免费看| 国产aⅴ综合色| 欧美一区二区久久久| 亚洲色图欧洲色图| 国产永久精品大片wwwapp| 欧美视频在线播放| 国产精品久久久久一区| 久久精品国产精品青草| 欧美系列亚洲系列| 国产精品福利av| 韩国欧美国产一区| 欧美老人xxxx18| 亚洲精品写真福利| 国产91在线观看丝袜| 欧美电影精品一区二区| 亚洲影院久久精品| jiyouzz国产精品久久| 久久久亚洲欧洲日产国码αv| 午夜精彩视频在线观看不卡| 91美女在线视频| 欧美激情在线免费观看| 激情五月激情综合网| 51精品秘密在线观看| 亚洲一级不卡视频| 97久久人人超碰| 国产精品青草综合久久久久99| 久久99国产精品免费网站| 欧美精品久久一区二区三区| 亚洲伊人伊色伊影伊综合网|