søndag 30. desember 2018

China’s private economy set for winter ‘colder and longer than expected’, warns billionaire tycoon

A winter “colder and longer than expected” is arriving for China’s private business entrepreneurs and Beijing’s supportive rhetoric has yet to translate into concrete policies that will help the private economy, said self-made billionaire Chen Hongtian.

Chinese tycoon Chen, 59, expects “the difficulties will be larger than expected” next year for China’s private business owners amid a domestic economic slowdown caused by the continuing trade war with the US. Cheung Kei Group chairman Chen, a self-made billionaire and a member of the Chinese People’s Political Consultative Committee, was speaking last week in his capacity as the chairman of the Harmony Club, a group of about 150 tycoons who are mostly based in Shenzhen and Hong Kong.