The booth of Standard Chartered during an expo in Shanghai. [HU XUEBAI/FOR CHINA DAILY]
Positioning itself as a super connector between China and the world's most dynamic markets, UK-based banking group Standard Chartered is committed to supporting China's high-quality development by introducing multinational corporations to the country and assisting Chinese enterprises in exploring overseas business opportunities, said the group's chairman.
"China is the largest generator of income for the Standard Chartered network and it has continued to be so for the last seven years consecutively. So I think that tells you how important China is to the business of Standard Chartered," said Jose Vinals, group chairman of Standard Chartered during an exclusive interview with China Daily.
According to Vinals, Standard Chartered started operations as early as 167 years ago. So far, China is the banking group's most important market and the company plays a role as a super connector when the global economy is getting fragmented.
"We see a lot of opportunities in both bringing international companies to do business in China, and bringing international investors to business in China … But at the same time, we bring China to the world, helping Chinese companies further their connectivity and international operations," said Vinals.
At times when there are threats of fragmenting the global trade investment system, a super connector such as Standard Chartered has great value for both clients and markets, he explained.
In Vinals' view, Standard Chartered holds firm confidence toward China's economic outlook.
"We are very much encouraged by the conclusions from the third plenum (of the 20th Communist Party of China Central Committee), regarding the continuation of reforms and opening-up. I think that the continuing opening-up of China is fundamental for China, is fundamental for its economic prospects over the medium term and the long term. And it's also extremely important for the world," Vinals said.
China's gross domestic product expanded by 5 percent in 2024 to reach 134.9 trillion yuan ($18.44 trillion), which meets the country's preset annual growth target of around 5 percent, data published by the National Bureau of Statistics showed on Friday.
"China has been the largest driver of growth for the world economy, as it has contributed about 30 percent of the world's economic growth in the past five years," said Kang Yi, head of the NBS, during a State Council Information Office news conference in late December.
"Beyond that, let me say, that we are a very strong participant in the Belt and Road Initiative and 75 percent of our markets overlap with the Belt and Road markets. We have participated in supporting (more than) 700 Belt and Road projects, high-quality projects over the last five years with the total value of these projects of more than $127 billion," Vinals said.
