The Chairman of the Board of Directors of the “Tsang” group, Patrick Tsang, expected that the profitability of companies listed in the Chinese markets would rise by 10 percent during the current year, and that Chinese stocks would be an alternative option for investors compared to other global stocks.
In an interview with “Sky News Arabia”, Cang said: “China has opened its markets, and as a result we expect the profitability of Chinese stocks to rise from only 2 percent last year to 10 percent this year; and compared to global stocks, Chinese stocks will be an alternative option.”“.
After nearly three years of strict health restrictions, Beijing abruptly ended in December the zero Covid policy that had hurt the economy and sparked widespread protests..
Last year, the Chinese economy grew by only about three percent in 2022, which constituted one of the weakest levels in nearly half a century, as economic activity was severely affected by strict restrictions related to Covid and a slowdown in the real estate market..
After the restrictions are lifted, the International Monetary Fund expects the Chinese economy to contribute to a quarter of global growth this year, although uncertainty over Covid-19 and the real estate sector may slow momentum..
“I am excited about the return of the Chinese markets, and we will see great rises in stocks, and I think it will be very good investments compared to investments in other global stocks,” said Tsang.“.
Promising opportunities in the Gulf
Tsang believes that the Gulf region has succeeded in being an important haven for those looking for growth and investment, compared to the global economy, which is facing great challenges in light of high inflation rates, and the Ukrainian war that destabilized and raised oil prices..
“In the Gulf region, the economy has grown by four to five percent, and the region has remained neutral and maintained stability, and has fostered another space for people looking for areas to grow and to invest in,” said Tsang..
He added, “In the GCC region, we have seen many countries, including Kuwait, Saudi Arabia, and the UAE, that have worked on a number of initiatives according to their different visions, but most of them seek to diversify their economy instead of relying on the oil and gas sector. We notice interest in tourism, renewable and clean energy, and technology.”“.
artificial intelligence
Tsang said that the GBT Chatbot” (ChatGPT)has become a phenomenon in the recent period, which opens the door to thinking about investing in artificial intelligence and the new opportunities and business models it can provide..
“I think we have to really realize how powerful artificial intelligence is and what we can achieve by harnessing these tools.. At the end of the day, technology is a tool and we have to use it to help people and to facilitate innovation but we have to be careful about the danger of using it in an abusive way and how to use data in the right way“.