Raymund Chao | investinchina.chinadaily.com.cn

Raymund Chao

chinadaily.com.cn Updated: 2020-03-26
Raymund Chao, PwC Asia Pacific and China Chairman. [Photo provided to chinadaily.com.cn]

Raymund Chao, PwC Asia Pacific and China Chairman

PwC's 'everyday flexibility' culture is serving us well during this difficult period. Our people have been able to respond quickly in adjusting to the challenging circumstances. More importantly, we have also been able to assist our clients who might be having their businesses disrupted.

Needless to say, the impact of COVID-19 is being felt not only in China, but globally. Although most economists are forecasting a recession ahead, it's hard to say for certain where growth is headed as there remains a lot of uncertainties. However, recent economic measures taken by China are in the right direction towards an eventual recovery. PwC believes if the outbreak could be largely over with governments at all levels having significantly strengthened their prevention and control measures, economic growth will soon recover, and the annual growth rate may be 5.2 to 5.3 percent.

Times of crises can spur the adoption of new technologies. Mandatory school closures are seeing classes being conducted online and we're also seeing a rise in telemedicine. Now is a good opportunity for companies to transform and upgrade digitally.