China’s retail savings and investments market is set for the worst year since 2008 financial crash due to the domestic disruption and impact on trade partners as the coronavirus (COVID-19) pandemic has gone global, according to GlobalData.
GlobalData’s latest report, COVID-19 Sector Impact: Retail Savings & Investments — China, forecasts the market growth to slow to 3.3 percent in 2020, compared to the 4.7 percent estimated in January. The company’s previous forecasts considered the domestic impact on China, which was already in the midst of the crisis, but not the global impact.
Ravi Sharma, senior banking and payments analyst at GlobalData, said, “Growth in deposits will be modest in 2020, with little government support; households would have to dip into savings. Bond growth will surge as investors seek the stable return of fixed-income products. Equities, however, will decline in 2020 by 20 percent. This is due to Chinese stock markets tumblin
