Int'l community needs China more than ever: Allianz CEO

The international community needs China more than ever, CEO of Allianz, the world's largest insurance company and asset management firm, said in a speech delivered to the China Development Forum 2023 on Sunday.

Oliver Bate spoke on the second day of the annual forum held in Beijing that many international companies have benefited strongly from the opportunities to develop businesses in the world's fastest-growing and developing economy. "We are also proud that the international community has contributed to China's rapid progress along the path to modernization," he noted.

Bate pointed out that hundreds of millions of Chinese have been raised out of poverty and into a growing middle class through years when China has pursued its ambition and access to global markets.

"Now, more than ever, the international community needs China to come back, not just because it's the second largest economy, but is one of the sources of innovation and quality for the years to come," Bate added.