New Economy Forum
China’s Innovators Are ‘Lying Flat,’ Primavera’s Hu Says
- Sector needs protection from ‘arbitrary’ prosecution, Hu says
- China may deal with property crisis for ‘a few more years’
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China needs to offer more support in the short term to keep growth on track while better protecting the private sector over the long run to avoid plunging into a “lost decade” like Japan did in the 1990s.
“Right now, Chinese entrepreneurs are lying low or lying flat. Sentiment is weak,” Fred Hu, founder and chief executive officer at Primavera Capital Group, said at the Bloomberg New Economy Forum in Singapore on Wednesday. “People are not certain whether the leadership is committed to the kind of reforms that China has benefited from so much.”