Fintech drives Chinese market moving on amid global trade tension
CGTN's Global Business

Fintech is coming a hot summer as such a topic draws a lot of attention at the China Development Forum (CDF) in Beijing last weekend. High quality services always paired with technology and innovation, and the demand for innovation inside the Chinese market is shifting the dynamics of global trade.

CreditEase CEO Tang Ning at CDF 2019 said China is one of the fintech powers in the world. With the backdrop of globalization, fintech is being the necessary trend for all players entering into Revolution 4.0. Tang added that China now is going through regulatory clean-up for fintech initiatives.

"[Regulations] will lead to a cleaner, more organized marketplace, which is good for all players," he added.

Denis Depoux, CEO of Roland Berger at Greater China. /CGTN screen shot

Denis Depoux, CEO of Roland Berger at Greater China. /CGTN screen shot

"You have companies moving into China, also welcoming all the efforts that are made to attract them, simply because they want to go after the Chinese market. And in this transformation the Chinese market is increasingly attractive, with more margins, with very savvy customers, very attractive to innovation. So there are great things that you can do," Denis Depoux, CEO of Roland Berger at Greater China replied when asked why some companies are choosing to enter China as many low-end manufacturers move their factories to Southeast Asia.

Meanwhile, fintech and health rank among the top five areas for companies to invest in. China is a large market with unmet needs of medical products. Asgar Rangoonwala, president of Xian Janssen Pharmaceutical said the company's strategy meets up with China's development tendency, adding that China's government reform heavily supports the company focusing on innovation to offer new drugs.

"That makes such a big difference for Chinese patients and gives us the opportunity to launch new products, and new healthcare solutions for patients become much earlier than ever before," he said.

(CGTN's Xia Cheng also contributes to this story.)