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China banking regulator says discussed economy with HSBC CEO

:Guo Shuqing, chairman of China’s banking and insurance regulator, met with HSBC Group Chief Executive Noel Quinn on Thursday and exchanged views on the global economic and financial situation, the regulator said.

The meeting came during Quinn’s first public visit to mainland China since the COVID-19 outbreak. Guo told Quinn that China welcomed an expansion of HSBC’s investment in the country, the China Banking and Insurance Regulatory Commission (CBIRC) said in a statement posted on its website.

China’s financial industry will, as always, promote high-level opening up to the outside world and further deepen international economic and financial cooperation,” Guo said in the statement.

Quinn also met with Shanghai Mayor Gong Zheng on Thursday, according to a post published on the official WeChat account of Lujiazui financial city.
Quinn said HSBC would continue to strengthen its business in the Shanghai and would further provide financial support for industry upgrades, according to the post.

HSBC did not respond immediately to a request for comment.

The bank has come under pressure from shareholder Ping An Insurance Group Co of China to split off its Asian business to boost returns.

The move has come amid rising geopolitical tensions between China and the West. Quinn has said he does not believe the campaign is politically motivated.
Source: Reuters

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