The tech sector remains the most vibrant wealth generator for China
China’s market growth is the lowest since 2008. Source: pixabay.com
GlobalData found that Chinese retail savings and investments market is set for the worst year since 2008. The reason for that is the domestic disruption and impact on trade partners as the COVID-19 pandemic has spread worldwide.
The report forecasts the market growth in the country will slow to 3.3% by the end of 2020, compared to the 4.7% estimated in January.
Along with that, China’s 2020 growth is most at risk from a second-wave outbreak, which significantly impacts the expected full-year growth.
The outbreak is more likely to impact China’s HNW (high net worth) sector, as people will struggle to accumulate wealth in the immediate future.
The study highlights that the disruption to global demand will affect the wealth market in China, even as it gets back to work. Therefore, wealth managers should be aware that many of their HNW clients will face the negative impact of the coronacrisis on their businesses.
We’ve reported that China’s digital currency to be piloted in McDonald’s and Starbucks
SEE ALSO:
- How fintech companies are coping with pandemic
- Working during pandemic: how coronavirus affects people worldwide
- How governments worldwide support people amid COVID-19
Pay Space
Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.
