Temasek bullish on Chinese economy's long

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Chinese innovation-based enterprises have a promising future thanks to the broad market and abundant funding, he noted.

Temasek reported a record net portfolio value of 235 billion U.S. dollars as of the end of March, with China forming 26 percent of its underlying portfolio exposure, only second to Singapore's 27 percent.

China's efforts to deleverage and rebalance the economy and to open up the financial sector will help its economy achieve sustainable development in the long run, according to Wu Yibing, Temasek's head of China, in an interview.

"China's economy has gradually shifted to growth more reliant on domestic demand and innovation rather than foreign trade," he said. "No matter what kind of an economic cycle we are in, innovation always drives the economy."

Wu Hai, Temasek's managing director of China, said the company has increased investment in innovative firms in such areas as technology, life science, and non-banking financial services.

BEIJING, July 11 (Xinhua) -- Singapore's sovereign wealth fund Temasek is upbeat about the long-term outlook of the Chinese economy, a company official said Wednesday.

A more open financial sector, with concrete measures and swift implementation, shows China's economic confidence and provides considerable opportunities for overseas investors, especially those focused on the long term.

"As an investor in the fundamentals, we value the trend of the macroeconomy," Wu said. "We have full confidence in China's mid- and long-term development."