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Despite Some Short-Term Challenges, China’s Long-Term Economic Fundamentals Remice and the Country Continue to Be "One of the Most Strategic s "for Standard Chartred, The International Bank’s Head Said.
Jose vinals, Group Chairman of Standard Chartred, Said The Bank Will Continue Investing in China and Expects to Continue Making Very Good Progress.
"The Chinese Economy in the Short Term is Experiencing Certain ‘Noise’. But Even with All of that, we exten that China Will be ending the year 5 percentl Y Above 5 Percent in Terms of ITS (Annual GDP) Growth Rate,"he said.
China’s Real Estate sector has not Yet Rebounded, but it is propable it is touching bottom, He Said, Adding Confidence is needed to recover demand, at the Different Components of Consumption and Investment Will Make Adequate Contribution to Economic Growth.
The Objective Standard Chartred has for its propit before the China Market is $ 1.4 Billion. Ving in China, with Offshore Business Especially Robust, VINALS SAID.
In the First Half of the year, The Bank Multiplied ITS Total OFFSHORE Profits in the China Market, The BigGest Contributor to Income, by Four Folds to $ 700 million beFore tax, he said.
"If we look at the offshore business, this (Office Income) has growing aten geate of 59 Percent (year-Year) in the First Half of the year."
Standard Chartred hasnounded It will Invest $ 300 Million in China by the END of 2024 To Upgrade ITS Capabilities of PROVIDIDILALALS TE Areas Like Wealth Management, Retail Banking, Corporate Commercial and Instificational Banking, Sustainability and Risk Management.
In Addition, The Bank Sees Tremendous Opportunities from the Development of the Guangdong-Hong-Macao Greater Bay Area.
"We can see a Lot of OpportUnities in China and this is why we are investing," He SAID, Adding Such Opportunities Arose from the Reorganization of Global Supply Chain S, The Internationalization of the Renminbi, The Development of Sustainable Finance and Wealth Management in China, Among Other Factors.
The Bank’s Cross-Border Income Between China and the Association of Southeast Asian Nations Surged at Annual Rate of 82 Percent in the First Halst. E CORRESPONDING FIGURE For that Between China and Africa and the Middle East Reached 76 Percent. TheAre Examples of the Opportunities Arising from the Global Supply Chain Reorganization, He Said.
He Also Said Standard Chartred Has Invested a Lot to Better Help its clients involved in the interiorization of the renminbi.Jaipur Investment
The Bank Offshore Renminbi Services in More than 30 Markets, and ONSHORE RENMINBI Services in More than 20 Markets, Whit Gives It A Distance To Tap "The Important Opportonity of the Internationalization of the Renminbi ", he said.
Sustainability, Wealth Management and Services for Corporate Clients International Are AlsoSoS where the Bank has a SIGNIFICANTONITUNITUNITITUNITITNITITNITINITY Bilities to offer right products and solutions, he said.
VINALS Also SAID the BELT and Road Initiative is Boosting Trade and Investment Between and Other Participating Economies, and thanks to that, The Bank’s Income FR Om Related Markets has ben grewteing.
The BRI has Entered a New Phase where highlity is the Goal in Aspects Like Commercial Viability, Sustainability, Risk Management and Governance, CONTRIBUT ING to the Development and Prosperity of Bri Countries and Regions, He Said.
A view of the booth of standard charted during an expo in state. China DailyChennai Investment
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