Saudi Press

Saudi Arabia and the world
Wednesday, Dec 24, 2025

China wooing investors to Shanghai, with HSBC, Goldman answering

China wooing investors to Shanghai, with HSBC, Goldman answering

Central bank chief Yi Gang tells Bund Summit that the country’s focus on domestic economy does not mean it is shutting the door on the rest of the world.

Chinese financial officials have made fresh promises to open up the financial sector and attract international investors to the country’s main financial centre.

The pledges were made during the Shanghai Bund Summit, a two-day gathering of Chinese bankers and regulators, that offered the country’s leaders an opportunity to showcase their plans to the global financial community ahead of a key policy meeting in Beijing, where President Xi Jinping is expected to map out the country’s development blueprint for the next five years.

One key message China is trying to deliver is that it is committed to deepening its economic and financial ties with the rest of the world even though relations between Beijing and Washington have plunged to their lowest level in decades.

On Saturday, Vice-President Wang Qishan made a rare appearance at the summit and told delegates – who included former US treasury secretary Robert Rubin, hedge fund manager Ray Dalio and Bloomberg chairman Peter Grauer – that “win-win cooperation is the only right choice for the world”.

Yi Gang, the People’s Bank of China governor, told the event on Sunday that China’s “dual circulation” strategy, which will include an increasing emphasis on domestic consumption and innovation, is not intended to shut the door on the rest of the world but to make better use of “domestic and international markets”.

He said that, as the country that has contributed nearly a third of average global growth in average in the last two decades, China has to remain open to the world and financial opening will be a key piece in the puzzle.

“It should be noted that financial opening is mutually beneficial.” Yi told the forum. “Open competition helps the development and improvement of China’s financial industry, while international investors entering China can share the dividends of China’s growth and reform.”

China has accelerated its financial opening up since 2018, lifting longstanding restrictions on total foreign ownership of financial institutionsand making it easier for foreign investors to buy Chinese bonds.


Yi also said that China was working to make it easier for foreign investors to use the yuan. “The Chinese authorities will reduce restrictions on the cross-border use of yuan,” he told the summit, adding that China will enhance a “supporting system” to encourage its use.

Li Qiang, the Shanghai party secretary, told the event that Shanghai has made substantial progress in becoming an “international financial centre” and the city was trying to become the go-to place for foreign investors who want access to Chinese banking, securities and insurance.

“When President Xi Jinping visited Shanghai last year, he required us to enhance the role of Shanghai in global resource allocation. In particular, he specifically required that Shanghai’s financial market development must facilitate China’s national financial opening and yuan internationalisation.”

Fang Xinghai, a vice-chairman of the China Securities Regulatory Commission, said China was creating new channels for foreigners to invest in onshore stocks on top of existing channels such as the Qualified Foreign Institutional Investor scheme and the stock connect with Hong Kong.

The future of China’s capital market opening will be “comprehensive institutional opening”, an upgrade from the current “opening by providing channels”, Fang said.

While few international investors were able to attend the event in person – most foreign delegates took part via video-link – some participants welcomed the promises.

John Waldron, president and chief operating officer at Goldman Sachs, told the forum that the US bank was “encouraged by the enhanced access China providing foreign firms … which we believe will lead us to a stronger, more resilient Chinese financial sector.”

Waldron suggested that China should relax restrictions on outbound flows, allow foreigners to become market makers in the bond market, and align Chinese regulation with international norms to “bolster investors’ confidence in China’s capital markets, to pave the way for further inflows, and enable increased cooperation between the United States, the rest of the world, and China”.

Noel Quinn, chief executive of HSBC, said the bank’s commitment to mainland China “is unwavering even in today’s challenging time”.

HSBC has had a bumpy relationship with China after state media accused it of helping the US to “frame” the telecoms giant Huawei, whose chief financial officer Meng Wanzhou is currently fighting extradition from Canada on charges related to alleged breaches of sanctions on Iran.

The bank has also been excluded from an underwriting consortium for a sales of Chinese government bonds.

But Quinn said that HSBC, which was one of the event’s sponsors, “has been very pleased to be a proactive participant” in China’s financial opening up and the bank “looks forward to continuing to do so in the years to come”.

During a panel discussion Quinn also told Liao Min, the Chinese finance vice-minister, in a panel discussion that HSBC will submit a paper to the Chinese government offering suggestions on how to open up, including measures to encourage more overseas companies to issue shares in Shanghai.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Not Only F-35s: Saudi Arabia to Gain Access to the World’s Most Sensitive Technology
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia Urges Stronger Partnerships and Efficient Aid Delivery at OCHA Donor Support Meeting in Geneva
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Will Saudi Arabia End Up Bankrolling Israel’s Post-Ceasefire Order in Lebanon?
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
×