(Yicai) Sept. 30 -- US consulting firm Alvarez & Marsal Holdings remains committed to expanding its business in China, driven by a positive outlook on the country’s economic future, according to its co-chairman for North Asia.

New York-based A&M is bullish on China's development potential under the “new normal,” Zhu Wei said in a recent interview with Yicai.

The "new normal" generally refers to China’s shift from high-speed economic growth driven by manufacturing and infrastructure investment to high-quality, sustainable growth driven by innovation, technology, and domestic consumption.

China's prudent monetary policy and financial regulation have helped the country avoid systemic financial risks, Zhu said, even though economic growth faces a number of challenges, including uncertainty in the real estate market, local government debt issues, deflation risks, lower foreign direct investment, and geopolitical tensions.

“We expect that during the high-quality development transition phase, China will continue to intensify efforts in promoting reform and opening-up, attracting foreign investment, supporting the development of the capital market, and encouraging the growth of the private sector," Zhu noted. “This is precisely why we remain firmly optimistic about the Chinese market.”

Zhu was named A&M's co-chairman for North Asia last month. Before that he was chairman of Accenture China and was sat on the firm's global management committee. With about 30 years of experience in the consulting business, Zhu has seen and taken part in China's rapid economic growth, corporate development, and the evolution of its management consulting industry.

China's macroeconomic reforms and new development stage will bring unprecedented opportunities to the consulting services industry, Zhu said, so demand for high-level consulting services will increase as Chinese businesses navigate complex economic transitions and seek to enhance their global competitiveness.

Zhu said that as companies need to cut costs, increase efficiency, and raise their management capabilities, consultants can provide a wide range of services to them, from asset restructuring to tax and financial assessments, as well as risk control and management consulting, highlighting the huge potential demand in the market.

“Asia will be the focus of the company’s future development, and A&M is particularly optimistic about market opportunities in China,” he pointed out.

Asia is undergoing an economic transformation and geopolitical changes while facing challenges brought about by the fourth industrial revolution, especially in digitalization, according to Zhu. These changes present significant market opportunities for consultants, he said.

In recent years, A&M has expanded its business and team in Asia. Since 2020, the company's professional consulting team in North Asia has tripled in size, and its revenue growth in the region has reached 150 percent.

Editors: Tang Shihua, Futura Costaglione