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HSBC to invest an additional 3 billion RMB plus in China by 2025

“In the years 2020 to 2025, we intend to make additional investments totalling 3 billion RMB (in China),” Noel Quinn, the Chief Executive (CEO) of HSBC, announced in an interview with GDToday after the launching ceremony of the “Invest in China Year” on March 28 in Guangzhou.

“I visited Shenzhen, Guangzhou, Shanghai and Beijing. It’s great to see the energy and confidence returning to China, and I think the prospects of the economy in 2023 are very strong,” Quinn said.

Noel Quinn mentioned the advantages and development prospects of the Guangdong-Hong Kong-Macao Greater Bay Area. “The Greater Bay Area has great potential, especially in new technologies and life sciences. We will continue to invest in the Greater Bay Area. Recently, we will build a new office building in the Qianhai area to introduce more securities fund management businesses and wealth management businesses,” he said.

Previously, HSBC Group predicted that the wealth of Chinese households would grow at an annual rate of 8.5% in the next few years. By 2025, the investable assets of Chinese households are expected to exceed 300 trillion RMB. In addition, HSBC raised its forecast for China’s economic growth from 5.0% to 5.6% in 2023. They expect a rebound in consumption to become the main driver of China’s economic growth this year, especially in the service sector.

Reported by Alice, Eastbrook

Video by Xu Hao, EastbrookAlice

Edited by Olivia, Nan, James

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