Wall Street sees opportunity in the Chinese market amid growing uncertainty worldwide, according to a recent report by The New York Times.
“For some of the biggest names on Wall Street, China’s economic prospects look rosier than ever,” said the report published Wednesday, citing positive reactions of global investment banking companies J.P. Morgan and Goldman Sachs, as well as of global investment management company BlackRock as examples.
Noting that global investment companies are provided with greater opportunities in China with the country’s openness, the report said “Wall Street might be right to be bullish.”
“China has defied bearish predictions in the past,” it said.
Besides, the United States and China still share extensive business ties, it said.
Wall Street believes that China is “too big to ignore,” to which many investors have listened, the report noted.
For example, American mutual funds and exchange-trade funds investing primarily in China have held 43 billion U.S. dollars in net assets by the end of August, up by 43 percent year-on-year, it said.
China’s economic growth is “still stronger than in most places,” a fact which will not change overnight, it added.