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.