Hello! My name is Peter Grauer and I am the Chairman of Bloomberg L.P.
I am thrilled to add my voice to the China Development Forum community, and I am delighted to share some thoughts with you today.
China’s modernization – and especially its rapid economic modernization – continues to be one of the most important developments anywhere in the world in recent history. It continues to drive global growth, spurring innovation at home and abroad, while also yielding important new resources for the Chinese people.
To me, that is why the defining characteristic of China’s modernization is its impact. This process will have massive implications for any number of important challenges facing our world.
The arrival of modern China has been crucial in creating meaningful economic growth around the world – especially in the years since the global financial crisis – and its ongoing progress will also support a robust global recovery from the economic disruptions of the pandemic.
Likewise, China’s emergence as a thriving member of the international community has been the source of great innovation and shared success for both Chinese and multinational companies. Global efforts to fight climate change would be severely weakened without a modern China playing its part in the technological innovation and manufacturing required to meet this challenge.
All the while, the Chinese people have been great beneficiaries of this modernization. The World Bank estimates that nearly three out of every four people to have been lifted out of poverty in the last 40 years have been in China. The scale of this accomplishment simply cannot be overstated.
As a global business participating in the Chinese economy, Bloomberg sees huge potential in China’s continued growth and emergence in global financial markets. Despite the many disruptions caused in recent years by the pandemic, the gradual integration of China’s financial markets with their global counterparts has persisted.
China’s thoughtful approach to opening up its financial markets to the world – drawing in new capital from eager international investors and offering domestic investors the ability to diversify their portfolios in global markets – is proof of concept that China’s journey continues.
We believe that this gradual integration is something that will benefit both Chinese and global market participants and provide critical support to the ongoing development of China’s economy.
We are proud of our long-term presence in China, and we have been honored to play our part in China’s progress, assisting with key Chinese financial innovations such as Stock Connect and Bond Connect. We are just as excited about future collaborations that promise to bring transparency and efficiency to China’s financial market with world class data, news, analytics, and technologies.
We remain heavily committed to the region. We have long seen ourselves as a bridge between Chinese and global markets and we fulfill this role with great pride.
I am excited to tell you that we will bring back the China offshore investor roadshow this year to key financial centers around the world. Before the pandemic, the roadshow was a flagship event for Bloomberg, showcasing China’s financial markets to global investors and helping them understand the opportunities on offer. Now, more than ever, global investors relish clarity on global opportunities and we believe this exchange will fuel further interest in China’s markets.
We are resolute in our view of the importance of China in the global community – as a source of growth, a source of innovation, and as a source of talent. Bloomberg’s headcount within Asia-Pacific is greater now than it was at the beginning of the pandemic, and we remain passionate about building our business in China and throughout the wider region.
I have every confidence in the growing integration between international companies and the Chinese market. As it does every year, CDF is such an important conduit for building bonds between partners and friends, old and new.
My congratulations to CDF and to everyone taking part in this very worthwhile forum.
Thank you!