For more information contact: emailus@marcusevans.com Dr Fan Gang, the Director at China's National Economic Research Institute & Secretary General, China Reform and a speaker at the marcus evans European Pensions & Investments Summit 2014, discusses the upcoming investment opportunities in China. Join the 2015 Summit along with leading regional pension investors and global asset managers in an intimate environment for a focused discussion of key new drivers shaping institutional investment strategies today. For more information contact: emailus@marcusevans.com

1. The Second Season of the Chinese Miracle:
The New Investment Opportunities Coming Our Way
about a slowdown in China. Most
emerging markets only started the exit
in 2012.
In the next five years, China will grow
by seven to eight percent. Are there
other economies with that kind of
growth? This environment offers good
returns on long-term investments. If
c o m p ar e d w ith o the r e m e r g ing
countries, the risks in China are under
management.
Interview with: Dr Fan Gang,
Director, China’s National Economic
Research Institute (NERI) &
Secretary General, China Reform
Foundation
“New rounds of reforms in China will
bring about a second “season” of the
“Chinese miracle” as the Prime Minister
said. Many pension funds in Europe
did not fully enjoy the investment
opportunities the first time around, so
they could catch up now,” according to
Dr Fan Gang, Director, China’s National
Economic Research Institute (NERI) &
Secretary General, China Reform
Foundation.
A speaker at the marcus evans
European Pensions & Investments
Summit
2014 , in Montreux,
Switzerland, 28 - 30 April, Dr Gang talks
about China’s new model for economic
growth and what Chief Investment
Officers (CIOs) in Europe can look
forward to.
What is your outlook on the Chinese
economy? What do pension fund
CIOs in Europe need to know?
The Chinese economy is stabilised now.
Like many other countries, China
adopted fiscal stimulus and monetary
easing policies after the financial crisis,
but by mid-2010 it had already started
tightening some policies, such as the
housing market and government
investment in infrastructure. Investors
must keep this in mind when they read
Many critics say China’s growth is
g o v e rn m en t - l e d
ra t h e r
than
consumption-driven. What do you
think?
Which sectors and asset classes
should long-term investors look at?
My question is how much do they invest
in China directly? Many invest in
Chinese related sectors or offshore
assets, but not very much inside China.
Private equity companies will soon be
allowed to set up subsidiaries, which will
allow even more investors to bring
money in leading to even more
investment opportunities.
My advice is to try to catch up, because
the second season of China’s miracle
will bring big opportunities.
The private sector, which includes
multinationals, accounts to 70 percent
of GDP, so it is already very private.
From a structural point of view it is true
that consumption is low but there is an
effort to change that.
Investors must first understand the
different nature of investing in China. A
lo t o f the inv es tme nts are in
infrastructure and housing, which are
both long -term, durable goods.
Investments in the US and Europe can
generate returns tomorrow, but
investments in railways and highways in
China will generate returns over the
next 100 years.
Although the government is unlikely to
adopt a stimulus policy like that of
2009, it will maintain this level of
investment as the country is in the
process of urbanisation.
Has political reform come too late
or will it help set China on the right
track?
China is on the track of market-oriented
reform, with more emphasis on the
private sector and opening up for more
compliance on international rules, but
change will not happen overnight. These
are gradual changes but the country is
on the right track. The economy will be
much more efficient in the long-run.
This
environment
offers good
returns on
long-term
investments

2. About the European Pensions & Investments Summit 2014
The
Investment
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marcus evans Summits group
This unique forum will take place at the Fairmont Le Montreux Palace, Montreux,
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networking event. The Summit includes presentations on increasing fund resilience,
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assessing the true value of emerging market investments.
www.epi-summit.com
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To view the web version of this interview, please click here: www.epi-summit.com/FanGang