Jeff Shen of BlackRock said the escalation of trade tensions and the imposition of tariffs between Washington and Beijing has increased China's financial turmoil as the country is working hard to modernize its economy.
"China is in a process of debt reduction and reorienting its economy, and tariffs will certainly not help the country." If the tariffs were absent, the Chinese economy could do it, but now it seems impossible, "says Shen.
As the largest asset manager in the world, BlackRock manages around $6.4 trillion. The company constantly invests more in its active capital business by engaging tens of billions of dollars for quantitative and scientific data.
Shen said these new technologies help BlackRock track economic activity around the world, including China, where satellite imagery analysis does not outline a pink economic picture.
"We think the delay certainly started in the second quarter and I think it will continue in September and October," said Shen.
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