Exclusive | Fosun’s founder adds his voice to calm jittery nerves among China’s private-sector entrepreneurs
- The boss of one of China’s largest private-sector conglomerate says reforms take some time to be implemented
- Says talk of state-owned companies taking over private companies are being exaggerated
Guo Guangchang, China’s 26th-wealthiest man and founder of one of the country’s largest private conglomerates, said short-term turbulence in the Chinese capital markets will stabilise under the steady hands of the leadership and their commitment to the long-term liberalisation of the world’s second-largest economy.
“Many policies have been announced. However, implementation takes time,” said Guo, founder and chairman of Fosun Group, in an exclusive interview this week with the South China Morning Post in Shanghai.
“Over the years, all policy leaders have been trying hard to offer private enterprises a level playing field. I believe that there is no change in the policy.”
The comment by Guo, whose seven listed companies together account for US$43 billion in combined market capitalisation in Shanghai and Hong Kong, is a clarion call for calm and confidence in China’s ongoing reforms. Fosun also has stakes in several other publicly listed companies worldwide.
His comments came amid growing concerns about Beijing’s commitment to the country’s private sector and slow progress on reforms.
