PGIM’s CEO Wants to See ‘Real Focus’ on China Consumer Sector
- Support for manufacturing, banking alone won’t change economy
- Japan is on the ‘right path’ as wages rise, companies reform
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PGIM’s chief executive welcomed China’s latest stimulus efforts, but said the country needs to do more to rebalance the economy toward consumption.
Market sentiment around China has improved from six months ago, and in the past two weeks officials have shown “a sense of resolve” to manage structural issues, the asset manager’s CEO David Hunt said in a Bloomberg Television interview. But supporting the manufacturing and banking sectors might not be enough to achieve needed changes, he said on the sidelines of the SuperReturn Asia conference in Singapore.