The man who coined the term' BRIC' told CNBC Thursday that investing in China remains a solid bet, particularly if it takes definitive steps to spur consumer spending.
“They need to raise wages, which I think they are deliberately doing, give greater rights to migrants workers and develop a social security system,” said Jim O’Neill, chairman asset management at Goldman Sachs . O’Neill had identified the BRIC nations—Brazil, Russia, India and China—as an emerging and major economic force in a 2001 paper.