CLSA chairman Slone highlights tech, healthcare, domestic consumption, aerospace as China’s key drivers
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The chairman and chief executive of CLSA, the Hong Kong brokerage owned by Citic Securities, is tipping four sectors – technology, healthcare, domestic consumption and aerospace – as the key growth drivers of the Chinese economy.
Speaking at the annual CLSA Investor’s Forum, Jonathan Slone said he is still bullish on the economy, despite slow growth of the mainland’s manufacturing and older traditional industry sectors.
The annual forum is attended by over 1,400 clients, including some of the world’s biggest fund managers and institutional investors.
“If you look at the export or manufacturing sector in China, the figures are not good. But look at growth of middle class restaurants in Chongqing or high-technology sector companies in Shenzhen, and the rate is huge,” he said on Monday, kicking off the five-day gathering.
“I am bullish on China’s economy outlook. Sectors that need low use of labour and have high efficiency of production will be the winners.
“These include technology, domestic consumption and aerospace. The healthcare sector will also have a positive outlook, as the country is developing a multi-generational population that will need a lot of healthcare services, long term,” he said.