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China’s company finance chiefs see business improving in 2021 as world emerges from pandemic, Deloitte survey finds
- Nine out of 10 CFOs at companies operating in China expect their businesses to improve this year
- Half of them are more upbeat about the Chinese economy than they were six months ago
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Financial controllers at companies operating in China are expecting their businesses to perform better in 2021, bolstered by the global roll-out of vaccinations and rising consumer demand in Western economies, a Deloitte survey has found.
Some 89 per cent of respondents said earnings would improve this year amid a brighter economic outlook, the survey of chief financial officers (CFOs) in China showed.
Half of the CFOs are more upbeat about the Chinese economy than they were six months ago, the latest sign that the mainland will continue to act as a major growth driver in the post-Covid-19 world.
“China is well positioned to lead in the coming year,” said Norman Sze, a Deloitte partner. “All eyes are on Asia as the global economy works to overcome the turmoil of the past year.”
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China was the lone bright spot worldwide after it successfully contained the Covid-19 pandemic in mid-2020.
The country’s economic output grew 2.3 per cent last year albeit with a severe disruption in production and consumption between February and April due to lockdown measures and social distancing rules aimed at fighting the deadly coronavirus that originated in Wuhan at the end of 2019.
04:21
Covid-19 pandemic ‘long way from over’ says WHO, as global infections continue to grow
Covid-19 pandemic ‘long way from over’ says WHO, as global infections continue to grow
The findings of the Deloitte survey echoed an upbeat forecast by the International Monetary Fund earlier this month.
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