STORY: DBS chief economist optimistic about China's growth outlook
SHOOTING TIME: May 30, 2024
DATELINE: June 5, 2024
LENGTH: 00:02:03
LOCATION: Beijing
CATEGORY: ECONOMY

SHOTLIST:
1. various of DBS
2. various of street views in China
3. SOUNDBITE 1 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research
4. SOUNDBITE 2 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research
5. SOUNDBITE 3 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research

STORYLINE:

DBS, Singapore's major banking group, has recently raised its forecast for China's GDP growth in 2024 to 5 percent from 4.5 percent, as a better-than-expected upturn in China's property market and trade performance propelled the economy.

In an exclusive interview with Xinhua, Taimur Baig, chief economist and managing director of DBS Group Research, said China's economy has shown more positive signals of recovery.

SOUNDBITE 1 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research
"Global economy has turned out to be a little more resilient and that again has been helping the exporters of China. So between the trade side as well as the property sector side, together take up a very large part of the Chinese economy and that explains a revision to our forecast from 4.5 percent to 5 percent."

The country's gross domestic product (GDP) grew by 5.3 percent year-on-year in the first quarter of 2024.

Baig said with China's economic growth, the country remains a popular destination for foreign investment.

SOUNDBITE 2 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research
"I think there are some sectors where there is still tremendous attractiveness for foreign investors. I can think of the pharmaceutical sector, for example, in which most large global multinational companies have a substantial presence in China, and they have expansion plans in their mind. We also think that Chinese consumers, their scale and their purchasing capacity, is a huge draw for global consumer goods producers and global producers of food and beverages services. We see them, they're from the U.S. or Europe or elsewhere, finding China very profitable to do business. We also see those companies having big investment and expansion plans in China for years and decades to come."

Noting that China has been heavily investing in education and R&D to boost innovation, Baig expressed confidence in China's long-term potential for growth.

SOUNDBITE 3 (English): TAIMUR BAIG, Chief economist and managing director of DBS Group Research
"The way we look at determinants of long-term growth potential is through the lens of innovation. When we look at the kind of investment China is doing, in educating its population, providing it with skills for the next round of technological waves, as well as the output by Chinese scientists, we are encouraged for the long-term potential of China."

Xinhua News Agency correspondents reporting from Beijing.
(XHTV)