London may face competition from emerging economies: Tony Tan
According to Channel NewsAsia, “Financial markets like London may face stiff competition as fast-growing emerging economies like China and India attract more investments. The Government of Investment Corporation or GIC’s Deputy Chairman and Executive Director, Tony Tan, said this at the UK Financial Service Forum Panel held in London on Monday.
Dr Tan said: “For investors, the rise of emerging markets will mean that a larger proportion of their investments will be in these markets. Far from being a risky and perhaps alternative part of their portfolio, emerging markets will become a core and unavoidable asset class in global portfolios.”
This, he added, will also lead to more financial institutions and centres being developed in such economies. Despite the competition, Dr Tan believes that London need not lose out. He said that the city’s deep financial expertise should allow it to tap into opportunities arising from global shifts in investments. Dr Tan noted that the post-crisis environment will also be more difficult for developed economies compared to emerging economies.
“Growth will likely be modest for a number of years as the economies recover from the credit bubble and its bursting,” Dr Tan said, as he shared insights on the possible challenges and opportunities London will face post-crisis.”
Read more: Channel NewsAsia
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