Credit Suisse Group AG (NYSE: CS) expressed an optimistic view of Chinese tech stocks’ growth potential over the next year. The forecast also factors in the recently imposed stringent anti-monopoly laws by the Chinese regulatory authorities, CNBC reports.
The Swiss bank predicts that China will grow by 2.2% in 2020, followed by 7.1% in 2021.
What Happened: People’s Republic of China is one of the select few countries poised to record a positive GDP in 2020 – an outcome of its efforts to keep the pandemic in check.
CNBC quoted a comment from Credit Suisse’s 2021 outlook, which said that Chinese markets offer “high rates of growth at still attractive valuations.”
While lockdowns have beaten down offline players and brick and mortar stores, tech companies gain more market share.
Last week, there were reports that Chinese e-tailer Pinduoduo Inc (NASDAQ: PDD) announced it