President and Chief Executive OfficerChina Merchants Bank Co. Ltd.
"The world economy changed greatly after the financial crisis, which had a profound impact on China. Moreover, China is facing its own unprecedented changes, as demonstrated by the marked slowdown in its economy since last year."
"The financial crisis, macroeconomic and regulation control and the present economic transition phase are all contributing to that. During the past 30 years, our economy has been growing at an average speed of nearly 10%. That’s a miracle."
"We enjoyed a low-cost and abundant labour supply in the past, but now, because of the one-child family policy and the advance of industrialisation and urbanisation, this labour supply is dwindling. And labour costs are rising because of the rules of supply and demand."
"China is a major beneficiary of globalisation. But in the light of the financial crisis, and especially the protracted euro zone debt crisis, our exports growth rate is slowing; it was 1% in July and 2.7% in August. Although it reached 9.9% in September, we’re not optimistic about future growth."
"Our credit has maintained a growth rate of 20% in the past 30 years, but saving rates are declining due to the ageing population, better social security system and the development of capital markets. This will impact our economic growth in the future."
"We commercial banks are service institutions, so changes in customer demands are extremely important for us. Just as a chef in a restaurant will lose his job if his cooking cannot satisfy his customers, a service institution will not exist if it has no customers."
"Our guiding principle is to maximise capital returns, while operating with a certain appetite for risk."
As part of PwC's 16th Annual Global CEO Survey, we spoke with Dr. Weihua Ma, President and Chief Executive Officer of China Merchants Bank Co. Ltd. In this short video, Dr. Ma shares his insights on the economic outlook for China and outlines some of the challenges China faces, including slowing economic growth, rising labour costs, and a falling export rate.
Dr. Ma has been Deputy Head of General Affair Office of the People's Bank of China, Deputy head of the Treasury planning department of the People's Bank of China and governor of the Hainan Branch of the People's Bank of China.He serves as an adjunct professor at several higher educational institutions such as Peking University and Tsinghua University.