“China is currently undergoing a profound transformation, as occurs in every economy every two or three generations. In Western economies, this almost always led to real estate and financial crises. China’s government is trying to prevent such crises with its support measures. So far, it has been quite successful, but this will prolong the transformation phase with its crisis symptoms. While in the USA and other Western countries even deep crises are often overcome after 12 to 18 months, China will need significantly more time to recover. This could well take five years.”
– Bill Winters, CEO of Standard Chartered Bank AG, in “China’s crisis can drag on for another five years – Beijing will need more time to cope with the crisis than Western states, the Standard Chartered CEO is convinced. His customers see Germany as a very good location”, Handelsblatt, 21., 22., 23. June 2024, No. 118
