Allianz CEO Oliver Bate said that China's globalization is an act of necessity for China. (Photo : Getty Images)
China is not being friendly when they want to open up the world's markets, according to Allianz CEO Oliver Bate.
The country's campaign to push free trade is an economic strategy for China to flood the global market with Chinese products and services.
Bate said, "The interesting thing is it's not because people are nice. People are rational and intelligent: They need."
"As China is moving to an economy that more and more depends on global trade in an active role--not just as an exporter of pieces, but of goods and services," he added.
The chief executive said that when a superpower like China comes in and invests in a small country, people get overwhelmed. Most countries do not have the experience to deal with big countries like China.
"As they move forward they need partners because, when the dragon shows up in a small country or vis a vis a small company they want to invest in, people get scared," he said.
The tendency of these small countries is to look for other partners who will level the playing field in China.
Regional cooperation favors small economies, according to Bate. The irony is that the U.S. is blaming globalization for their sinking economy.
"And I think they will look to partners to help them on that journey, while we, in other parts of the world are trying to blame globalization for problems that have nothing to do with globalization. They're just due to bad management," he noted.
He said that his insurance company will be in China in the long run. There are more people in China who are getting wealthier and are looking for ways to protect it.
"We are here for the long run," Bate said.
He added, "Allianz has been around for a hundred and twenty-seven years so we are waiting for when the time is right, we feel the opportunity is just beginning for us."
