Wilbur Ross: China's banking crisis overblown

Wilbur Ross: China's banking crisis overblown

I think China is getting close where people should be making more commitments to it, says Wilbur Ross, Chairman & CEO at WL Ross & Co., sharing his thoughts on investing in China. By global standards they’re doing very well and I think they will grow something in excess of six percent, Ross adds.

Transcript:

well, i think china is getting very close to the point where one should be making more commitments to it. i think it’s true they are slowing down, but by global standards, they are doing very, very well and i think they’ll grow something in excess of 6%. i also think that i agree with some of the comments that were made by an earlier guest this morning that the crisis so-called in the banking system, i think, is way overblown. the banking chinese central government controls most of the banks, controls most of the equities, has plenty of resources with which to deal with the thing, and is moving very aggressively to do so, so i think the next big market that turns around could very well be china. so where specifically in china are you looking? are you looking at the banking sector? because it’s kind of hard for western american investors to get in. well, we’re looking at a lot of different sectors, but my own sense is it may be a little bit early to be going in. i just think it’s getting very close to that point and i think in general this is going to be a year of individual securities, both in the u.s. and else where, whereas last year was sort of a market of markets. the main thing last year was you had to be long, and if you were, then you probably did pretty well. i think we’re getting into a period where selectivity will be the more important criterion than just being long.

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