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Analysts at many international institutions may have reached a premature conclusion that China's external demand will shrink by more than 50 percent and the shock to the economy from COVID-19 will be more severe than the 2008 global financial crisis. Their forecasts are based on assumptions that various countries will not roll out massive stimulus packages, and that international organizations will not effectively carry out international coordination of risk management.
Ang forecast that the department might need to repatriate 400,000 Philippine workers this year as the pandemic weighs on the global economy. He also sees remittances falling by as much as billion this year.
Analysts said that the deal showed the desire of the sovereign wealth fund to diversify its investment portfolios by acquiring overseas resources and infrastructure assets.
Analysts also warned that a stronger Chinese currency may add pressure on the world's second-largest economy by hurting export growth if the yuan's exchange rate keeps rising against the US dollar.
Angelica Anton, founding partner of Silk Ventures, said her team's China connections are among the main attractions for member companies. Anton worked with the foreign direct investment team at the Hangzhou local government before relocating to the UK.
来源：资阳报