China’s Recovery: Navigating the Post-Pandemic Landscape
According to George Wang, Vice Chairman of Zhonglu Group, China’s economy, and overseas funding are expected to increase in the coming year as the country recovers from the impact of the COVID-19 pandemic. He stated that the situation in China is returning to normal, with the country having already moved past the worst of the pandemic. During a recent visit to New York, George Wang participated in a ceremony marking the Lunar New Year at the Nasdaq along with other Chinese representatives, including China’s consul general in New York and Nasdaq Vice Chairman, Robert H. McCooey.
During the forthcoming days, the relationships between the United States and China, which are the world’s leading economies, will be the center of attention on a global scale as U.S. Secretary of State Antony Blinken is set to visit mainland China over the weekend. In an interview, Wang stated that Blinken’s visit, along with last year’s meeting between U.S. President Joe Biden and Chinese Communist Party Secretary Xi Jinping, signifies that both nations are seeking common ground amidst geopolitical tension, specifically regarding Taiwan and trade disagreements. The following are edited extracts from the interview.
The U.S.-China business relationship has experienced a trade war, tech war, and competition in all areas over the past three years. However, the meeting between President Biden and President Xi at the end of last year indicates that both sides are ready to work towards finding common ground. Areas such as healthcare and renewable energy offer potential for finding this common ground, and policy coordination similar to that after the 2008-2009 financial crisis is desired.
Wang, a representative from Zhonglu Group, believes that Wall Street remains a prominent capital market and expects to see more Chinese companies raise capital there. He also comments on the recent labor dispute at an iPhone factory in Henan Province and highlights the importance of China’s successful management of the Covid-19 pandemic. According to Wang, the biggest growth drivers in China this year will be in renewable energy and the auto industry. He also mentions the impact of government support on the general consumer and emphasizes the need for international cooperation to support global economies after the recent financial crisis.