China's recent opening-up measures have attracted more global investors eager to build or increase their presence in the rapidly growing market, an executive of JPMorgan Chase said Monday.
"The Chinese market has greater appeal day by day," said Jing Ulrich, managing director and vice chair of Asia Pacific of the New York-based bank, citing new policies in favor of foreign businesses such as the removal of equity caps.
She made the remarks on the sidelines of JPMorgan Chase's China summit, which runs from Tuesday to Wednesday and brings together more than 2,200 investors and corporate executives from 50 countries and regions.
"Investors from around the world are moving to add investment here in preparation for opportunities to emerge in the future," Ulrich said.
China has rolled out an array of measures to significantly broaden market access since the beginning of 2018, a year that marks the 40th anniversary of the country's reform and opening-up policy. Import tariffs for vehicles will be lowered, and restrictions in the manufacturing and financial sectors will be reduced.
Global businesses are encouraged and willing to channel more energy into the market, Ulrich said.
Global index provider MSCI will include a number of China A-shares in its market indices on June 1, a milestone in the internationalization of China's capital market. Ulrich expects the move to direct more investment to China's stock market. "A total of 40 billion U.S. dollars of capital will be pumped into A shares."
China's economic shift toward high-quality development has also boosted investors' confidence, Ulrich said.
JPMorgan Chase forecast the country's economy will expand 6.7 percent year on year in 2018, well above the official target of 6.5 percent. "Rapidly growing per-capita disposable incomes and a high employment rate will sustain robust consumption," Ulrich said.
Consumption contributed 77.8 percent of China's growth in the first quarter, up from 58.8 percent last year.