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HSBC chief reveals plan to invest USD500m in China operation

HSBC Holdings chief executive Noel Quinn has disclosed plans to invest more than Rmb3bn (USD500m) in its China operations in the next five years. Quinn said that while he sees challenges confronting the Chinese economy, there are also opportunities for investment. China’s commercial hub, Shanghai, lifted a lockdown of its population of 25 million people, letting some businesses such as banks restart gradually operations. Covid-19 cases in Shanghai have started to fall after a two-month lockdown. Quinn said they do expect some market volatility to continue in the short term, but they also see in China an economy that has demonstrated its resilience and that still presents long-term growth potential and attractive opportunities to foreign firms and investors. HSBC now owns 90% of its Chinese securities joint venture.

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