US-born Germany-based Emerging Markets Fund manager Mark Mobius believes India is the No. 1 investment option with economic opportunity. He believes that India can do what China can do. Mobius’ statement came in an interview fox business Where he talks about investing in China but also how he along with other investors are affected by the strict government regulations in this country.
Mobius told Fox Business that the bottom line is that when China started its reform program, it was moving in a completely different direction.
He further revealed to the news channel that he is personally affected. He has a bank account with HSBC in Shanghai and cannot withdraw his money. He said the Chinese government was restricting the flow of money out of the country. And they said they could not find an explanation for why they were doing this.
He said, China is putting all kinds of obstacles. He said, “They don’t say: No, you can’t withdraw your money. But they say: Give us all the records for 20 years of how you made this money… This is madness.”
Fox Business cited a survey that revealed a majority of US companies say China is no longer viewed as a “top 3 investment priority”. Asked about the best investment option for China with economic opportunity, Mobius believes it is India. He said, “India No. 1, you have a billion people, they can do the same things the Chinese can.” He said, India can do similar manufacturing etc.
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