HSBC has a deep and special bond with China and its people. It began in 1865, when HSBC was founded to support growing international trade between China and Europe.
And it has lasted for more than 154 years since, during which time we have had a continuous presence in the country, witnessed periods of great change and contributed to China’s economic development. So China is woven into the fabric of our organization. It’s part of our identity. It’s part of what made us who we are today.
This bond means we have a good understanding of where China has come from… where it is now… and where it wants to get to. Over the last 40 years, as China’s ‘reform and opening up’ has transformed its economy, we have built our organic business in step with China’s long-term vision.
So when ‘going out’ reshaped global trade and investment flows, our international network and local expertise enabled us to help our Chinese clients to expand overseas. When China launched its plan to internationalise the renminbi, our extensive RMB capabilities, infrastructure and network meant we helped to lead the process.
At the same time, we’ve been patient and focussed in building our business – so we fully understand the complexities of the environment, build the right capabilities and find the right people to work with.
We spent more than a decade looking for the right partner to launch a majority-owned securities joint venture in mainland China – one who shares our values, as well as our ambition to build a world-class business. We are honoured that HSBC was the first international bank to be granted this privilege – and we are determined to repay the faith shown in us.
We remain confident about China’s long-term prospects and the opportunities for us and our clients. We’re accelerating our plans to build a scale business in the Greater Bay Area. The Greater Bay Area remains the most exciting organic opportunity for the HSBC Group. We have the opportunity of a lifetime to play a meaningful role.
For 20 years, China has demonstrated its willingness to engage with leading industry experts through the CDF. Now more than ever, it is essential that the most important issues are debated openly and objectively with the individuals and businesses who are part of China’s future.
I have no doubt that the CDF – and the healthy debate that it promotes – will remain an integral part of that process.
