Businesses should continue to focus on China and explore opportunities to expand their presence in the world's second-largest economy, Singapore Minister for Trade and Industry Gan Kim Yong said Friday.
China had briefly entered deflation territory late last year, and is still struggling with a debt-laden real estate sector.
However, "if you take a deeper look, when I engaged the businesses and the people on the ground, I think the sense it gives me is that China's fundamentals are strong," Gan said on CNBC's "Squawk Box Asia."
The country's investments in infrastructure will also put it in a good position to recover in the longer term, Gan added.
"So I think in the meantime, in the immediate future, they will see headwinds, but I think in the longer term, the fundamentals remain strong."
Persons:
Industry Gan Kim Yong, China, Fitch, Gan
Organizations:
Singapore Minister, Trade, Industry, Moody's
Locations:
China, Singapore