In a recent interview with China Daily, Ngai said: “If you want to look for the next China, if you want to look for growth, growth is right here. It is in China.”
According to a projection by the McKinsey Global Institute, if China’s GDP annual growth rate maintains at 2 percent in the next decade, the cumulative growth total will be equivalent to India’s current GDP. If China’s GDP annual growth rate can reach 5 percent, the cumulative growth in total will be approximately equal to the current GDP of India, Japan and Indonesia combined.
“Where do we get the confidence? We have the confidence because the macro (fundamentals) have not changed. Why do we invest in China? We invest in China because there’s a growing middle class, there’s a transition towards services, even consumption is going towards more quality consumption as we have seen,” Ngai said.
“I do think that in the next ten years, if you are a global CEO looking at the world and thinking about where to find growth, you cannot ignore China,” he added.
