Howard Marks, Founder and Co-Chairman of OakTree Capital: China has taken positive measures to offset the impact of the epidemic on the economy

October 15 (Reporter Li Shuzheng) The new crown epidemic has brought great impact and great challenges to the global economy. Howard Marks, founder and co-chairman of Oak Capital, said in a video speech at the first New Finance Youth Forum on the 15th that China has taken positive measures to offset the impact of the epidemic on the economy.

The pandemic has brought many new challenges to the global economy. Global supply chains and industrial production have suffered unprecedented shocks, with international trade and investment shrinking dramatically. Protectionism and unilateralism are rampant, and economic globalization has encountered an unprecedented countercurrent.

Howard Marks, founder and co-chairman of Oak Capital, delivered a video speech at the first New Financial Youth Forum on the 15th. Photo by Zhang Hengwei

Howard Marks said in his speech that under such a serious impact, China's pace of opening up to the outside world has not stopped. The continuous introduction of financial reform and opening up measures has successfully responded to the impact of internal and external risks and ensured the sound operation of the financial system.

"China has demonstrated its excellent governance strategy, decisiveness and crisis response capabilities, and has taken positive measures to offset the impact of the epidemic on the economy. As a result, China is the only major economy in the world to achieve positive GDP growth in 2020. Howard Marks said.

Oaktree Capital is a long-term investor in the Chinese market, investing extensively in a wide range of assets, with a total investment of more than RMB30 billion.

After the launch of the Shanghai Qualified Domestic Limited Partner (QDLP) program in 2013, Oaktree Capital became one of the first managers to be qualified for the QDLP pilot. Since then, Oaktree has set up a wholly-owned subsidiary in Shanghai to cooperate with Chinese financial institutions to carry out business in China. During the epidemic in 2020, Oak once again established a wholly-owned subsidiary in Beijing.

"We have been in China for a long time and have witnessed tremendous changes in the Chinese economy and China's financial markets." Howard Marks said: "We firmly believe that China has long-term development potential and the Chinese market is particularly important to us. (End)

Source: China News Network