"China is still industrializing, still moving people to the cities, still creating a middle class," said Howard Marks, co-chairman of global investment enterprise Oaktree, adding China will continue to attract business from the rest of the world.
LONDON, May 23 (Xinhua) -- Howard Marks, co-chairman of global investment enterprise Oaktree, said he is optimistic about China's economic growth outlook and his company would continue investing in the country.
"We've been investing in China for over 25 years. We will continue to do so. So, I'm sticking with it," he told Xinhua in an interview, emphasizing his firm's "longstanding and positive" relationship with China.
Founded in 1995, Oaktree Capital Management is a global investment enterprise specializing in alternative investments. It has 192 billion U.S. dollars in assets under management and 1,200 employees worldwide, according to its website.
"China is still industrializing, still moving people to the cities, still creating a middle class," Marks said, adding China will continue to attract business from the rest of the world.
In its World Economic Outlook released in April, the International Monetary Fund (IMF) forecast the world economy to continue growing at 3.2 percent during 2024 and 2025, at the same pace as in 2023.
It projects a slight acceleration for advanced economies where growth is expected to rise from 1.6 percent in 2023 to 1.7 percent in 2024 and 1.8 percent in 2025.
"The U.S. is happy with 2 to 3 percent of GDP growth. China wants 5 percent," he said.
Marks said he thinks the global economy is "in a pretty good shape."
"I tend to view cycles as excesses and corrections. I don't see a powerful correction at the moment. There's always a recession in the offing, but I don't see one that's very bad," he added.■