At CIIE, HSBC focuses on market opportunities
At the second China International Import Expo, HSBC is presenting cutting-edge technologies to show how intelligent financial services can lead the transformation and innovation of trade, and how cross-border financial services can help foreign companies to seize opportunities in the Chinese market.
"Despite the challenges faced by the economy, China continues to show stronger consumer demand, robust development of the sci-tech industry, and the emerging new retail industry, and thus it has drawn the eyes of increasingly more overseas companies," said David Liao, president and CEO of HSBC Bank (China) Company Limited.
"The second CIIE has bigger size, higher quality and greater innovation than the first session, showing that the continuous opening-up of the Chinese market has appealed to foreign investors."
During the expo, the bank joined hands with several leading cross-border trading businesses, holding various activities to discuss opportunities in the booming Chinese market for global enterprises.
"Over the past 70 years, China has made unprecedented achievements in boosting economic growth, deepening financial reform and promoting green transformation," Liao said.
"Now, as the world's second-largest economy, China is being more open to actively drive world economic growth and provide opportunities for global companies. We are looking forward to taking the chance of the second CIIE to assist more overseas enterprises to do business with China and more Chinese enterprises to do business with the world."
On November 6, the second day of the six-day expo, the bank released its latest report on trading with China, which included key findings for global companies targeting China including sustainability, consumption and services.
Stuart Tait, regional head of commercial banking for Asia-Pacific at HSBC, believes Chinese companies' attraction to green credentials is attributed to sustainability competition from their peers, though he thinks the race "to go green should be seen as a competitive edge for businesses globally."
"Global companies will find plenty of opportunities in trading with China if they can meet or raise China's sustainability standards," according to Tait.
Commenting on China’s consumer power, Tait explains that China’s consumption growth is fueled by a rise in household income, an expanding middle class, more spending on better-quality goods and services, and a thriving e-commerce market.
"Global companies look at China and see a powerful and growing consumer market. The Chinese retail market will surpass the US within the next few years, but the sheer size of the population means growth still has far to run," Tait concluded.