The co-head of one of the world’s largest private equity firms has hailed the investment potential of China’s fintech sector, given the breakneck growth of the country’s consumer market.
“We love the fintech sector in China today,” said Glenn Yongkin, co-CEO at Carlyle Group, to CNBC.
“We think it offers an enormous growth opportunity…the Chinese economy is growing, it’s growing at the fastest pace in the world.
“The Chinese consumer is growing faster than any consumer in the world, and any evolution of financial technology in that environment is actually stunning.”
While China’s GDP growth eased to 6.7% in the second quarter of 2018 from 6.8% the preceding quarter, and ongoing trade tensions with the US have cast a shadow over the economy, Yongkin remains upbeat about the country’s growth prospects.
“We felt that China was growing at a 5 to 7 percent for quite a while now,” said Yongkin.
“So for them to say, ‘Well, we might now grow at 7 but we may grow at 6,’ for an economy of that size, we think over the long-term is pretty darn impressive.”