Interview: McKinsey Greater China chairman "very optimistic" about China's economy amid global uncertainties

This photo taken on Jan. 11, 2023 shows employees working at a factory of Lotus Cars in an industrial park of the Wuhan Economic and Technological Development Zone in Wuhan, central China's Hubei Province. (Xinhua/Xiao Yijiu)

"Multinational companies should continue to invest in China," said Joe Ngai, chairman of McKinsey & Company in Greater China. He believes that for companies, the Chinese market is not only a hub for innovation, but also can provide inspiration in the consumer field.

DAVOS, Switzerland, Jan. 17 (Xinhua) -- "When I look around the world today, I'm very optimistic about the Chinese economy," said Joe Ngai, chairman of McKinsey & Company in Greater China, a worldwide management consulting firm.

In an exclusive interview with Xinhua on the sidelines of the ongoing World Economic Forum (WEF) in the Swiss Alpine town of Davos from Jan. 15 to Jan. 19, Ngai said that the fundamentals of the Chinese economy remain unchanged amid global economic uncertainty.

Ngai said the biggest challenge currently facing the world economy is "too much uncertainty." 2024 will be a "very challenging" year, geopolitical conflicts persist in certain regions, interest rates in major economies remain high, and the world will usher in many important elections this year, he said.

Compared with other important economies, the growth rate of the Chinese economy is "way above average," said Ngai, adding that the Chinese economy and Chinese enterprises have improved their resilience and formulated contingency plans in the past two years.

Staff members handle parcels at an express mail distribution center of China Post Group Co., Ltd. in Daoxian County, central China's Hunan Province, Nov. 12, 2023. (Photo by He Hongfu/Xinhua)

In terms of market scale, consumer influence, and innovation capacity, the Chinese market stands unrivaled, with no other region worldwide capable of surpassing its prominence, Ngai noted.

"Multinational companies should continue to invest in China," Ngai said. He believes that for companies, the Chinese market is not only a hub for innovation, but also can provide inspiration in the consumer field.

Ngai said that China has strong innovation capabilities and a diligent labor force; although the Chinese economy faces short-term challenges, he is confident in the long-term healthy development of the Chinese economy.

China is a supporter of multilateralism and plays an active role in promoting global trade, he said. The participation of the Chinese delegation in the ongoing WEF annual meeting would help enhance the outside world's understanding of China and strengthen dialogue and exchanges.

Under the theme "Rebuilding Trust," the meeting will focus on four priorities: achieving security and cooperation in a fractured world; creating growth and jobs for a new era; harnessing artificial intelligence as a driving force for the economy and society and formulating a long-term strategy for climate, nature, and energy.