Goldman Sachs Eyes Boosting China Investment, CEO Says
Xu Wei
DATE:  Nov 21 2019
/ SOURCE:  yicai
 Goldman Sachs Eyes Boosting China Investment, CEO Says Goldman Sachs Eyes Boosting China Investment, CEO Says

(Yicai Global) Nov. 21 -- The Goldman Sachs Group, which entered China's mainland almost 15 years ago, considers increasing its investment in the region and hiring more people, according to its chief executive.

As the five-year plan of Goldman Sachs's China team proves, the firm is optimistic about the Chinese economy and committed to its medium and long-term development, Xinhua News Agency reported, citing David Solomon speaking at an event in Beijing. 

The move should not come as a surprise. In August, the New York-headquartered firm confirmed that it has applied to boost the ownership of its China joint venture to 51 percent from 33 percent. Swiss rival UBS Group already gained a majority stake in its China JV last year. 

The Chinese economy is a key part of the global economy, and long-term investment in it will pay off, the CEO appointed in January said. China's already large economy is still experiencing strong growth as its driving forces are shifting from investment to consumption, he added. 

The current slowdown in global economic growth is partly caused by international trade tensions, Solomon contended. He said that the US and China should strive to make new progress in trade talks as soon as possible as the global economy would benefit from that.

Editor: Emmi Laine 

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Keywords:   Goldman Sachs,JV,US,David Solomon