WPP chief insists he ‘remains a raging bull’ about China as global sell-off continues amid fears over health of world’s second-biggest economy
European stocks resumed their falls on Wednesday as fears about the Chinese economy once again gripped investors and a late plunge in US stocks unnerved the market.
The FTSE 100 fell by 102 points, or 1.68%, by the close of trading to 5,979 points, below the key 6,000 mark. Leading British shares had staged a partial recovery on Tuesday after heavy falls on Monday.
But Sir Martin Sorrell, head of WPP, the world’s biggest advertising company, which employs 16,000 people in China, expressed his confidence in the Chinese economy.
“I remain a raging bull in regards to China,” he told BBC Radio 4 Today’s programme on Wednesday morning, adding that the world should not forget how far the Chinese economy had come since 1985 when it “embraced the capitalist economy”.
He said the Chinese stock market had become overblown and was undergoing a correction, but long-term secular growth in China was here to stay.
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http://www.theguardian.com/business/2015/aug/26/european-stock-markets-china-worries