China’s Economy to Stay Commodity-Oriented, JPMorgan Says
China’s economy will stay commodity-oriented even amid slower growth, according to JPMorgan Chase & Co.
Raw-material markets in the medium term will still be driven by China,Michael Camacho, chief executive officer of commodities for Europe, Middle East and North Africa, told the FT Global Commodities Summit in Lausanne today. The nation will still buy more raw materials, whether its economy grows at 6 percent or 8 percent a year, he said.
With the shale-gas revolution in the U.S. and China’s transistion to consumer-driven economy, the U.S. will become the “next big exporter,” and China will be “the next big importer” in the years to come, according to Camacho. Europe will need to find its place in this new order, he said.
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