Foreign investors will further boost their presence in the China market this year, attracted by the country’s ongoing opening-up measures and the recovery of the domestic economy, an industry observer told the Global Times on Monday.
A stable yuan, continuous opening-up measures and increasingly smooth access channels have made the Chinese financial market a hot spot for foreign investors, according to Zhang Yu, an industry observer.
“The increasing trend will only be stronger this year,” Zhang told the Global Times on Monday.
US banking giant Goldman Sachs plans to double its workforce in China in the next five years, increasing its headcount to as many as 600 people, according to a Bloomberg report on Monday. The news was confirmed by a Goldman Sachs spokesperson to the Global Times on Monday.
The expansion is part of a five-year plan for the US company in the country, according to the report.
In August last year, Goldman Sachs applied to the China Securities Regulatory Commission to increase ownership of its securities joint venture in China – Goldman Sachs Gao Hua Securities Co – from 33 percent to 51 percent.
Previously, JPMorgan Chase & Co and Nomura Holdings were also reported to be taking extra office space in China, with both increasing their headcounts in the nation.
JPMorgan will boost its space in Shanghai Tower, China’s tallest skyscraper, to 20,000 square meters from 15,000 square meters, Bloomberg reported on January 10, citing people familiar with the matter.
Increasing capital inflows are also expected in 2020.
Foreign investors raised their holdings of China’s bonds for 13 consecutive months, bringing their total holdings to 2.19 trillion yuan ($317.76 million) as of the end of 2019, according to data from the China Foreign Exchange Trade System.
A view of a sign for Goldman Sachs at the New York Stock Exchange Photo: IC
