Top U.S. bank to bet more on China

Updated 2017-06-09 09:26:58 China Daily
Lloyd Blankfein, CEO of Goldman Sachs Inc. (Photo provided to China Daily)

Lloyd Blankfein, CEO of Goldman Sachs Inc. (Photo provided to China Daily)

U.S. investment bank Goldman Sachs Inc will continue to invest in its China business as it expects greater liberalization of the Chinese financial services industry, Lloyd Blankfein, chief executive of the bank, said on Thursday.

Blankfein said that the investment banking industry in China "should be given more freedom" as it is the basis for the success of other industries by providing financing, risk management and advice on business reorganization.

The chief of Goldman expressed optimism about the prospects for the bank's business in China, as the country's economy will continue to grow steadily and the China-U.S. relationship is off to a good start after the meeting between President Xi Jinping and his U.S. counterpart Donald Trump in April.

Beijing and Washington have reached a deal as part of the 100-day action plan after the meeting of the top leaders to further ease market access in a range of sectors including the financial services industry.

"My sense is that the meeting between the two presidents was very successful in terms of establishing their relationship. It is no doubt that there are competitive elements. But there is more cooperation than competition between the two," Blankfein said in an interview in Beijing.

"Arrived in China, as always impressed by condition of airport, roads, cell service," Blankfein said in a tweet on Tuesday. "The U.S. needs to invest in infrastructure to keep up!"

Commenting on the policies of the U.S. Federal Reserve, Blankfein said that the Fed may raise interest rates in June, but it was unlikely to accelerate the rate-hike process until the year end as growth has been moderate and there has not been much inflation pressure in the U.S..

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 11 2017 12:03:09

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 11 2017 12:03:09

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 11 2017 12:03:09

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords