Long term and firm investment in the Chinese market - Interview with Su Dewei, Chairman and CEO of Goldman Sachs Group

If I were to describe the Chinese economy in a few words, I believe it is one of the most important economies in the world, a broad and diverse economy that continues to benefit from technological innovation, manufacturing, and export performance. Goldman Sachs Chairman and CEO David Su recently stated in an interview with reporters in Beijing that Goldman Sachs continues to be optimistic about China's development prospects and economic growth potential, and has a long-term and firm investment in the Chinese market.

The Chinese economy has achieved its established 2025 growth target, which is very meaningful. In Su Dewei's view, in the long run, the most core growth opportunity for the Chinese economy lies in consumption. In recent years, the Chinese government has attached greater importance to the role of consumption in boosting the economy. There are also relevant statements in the "15th Five Year Plan" proposal about vigorously boosting consumption, hoping that in the future, the growth momentum of the Chinese economy will come more from the development of consumption and the service industry.

According to Su Dewei's observation, by 2025, the international capital inflow into the Chinese market will increase, and the weight of Chinese assets in the global investment portfolio will increase. It is expected that the proportion of foreign investment in the Chinese market will rebound to over 10% in the future.

The head of Goldman Sachs Group visited China again after two months since his visit in November last year. He stated that he had already observed a rebound in the activity of the Chinese capital market in November last year, and during his visit, he saw the same trend and actively expanded opportunities for Goldman Sachs' investment banking business in China.

It is reported that the joint venture between Goldman Sachs Asset Management and ICBC Wealth Management is also steadily developing. In June 2022, Goldman Sachs and Industrial and Commercial Bank of China jointly established a joint venture wealth management company, Goldman Sachs ICBC Wealth Management, which was approved to open, becoming the fourth joint venture wealth management company in China.

Su Dewei told reporters that Goldman Sachs was greatly encouraged by the series of opening-up measures in China's capital market. We have seen the direction of openness. Global investors hope to see a more balanced and open Chinese economy, which will be the key to attracting more capital. "Su Dewei said that Goldman Sachs' investment in the Chinese market is long-term and firm, and will continue to deeply cultivate the Chinese market.

Since the mid-1990s, Su Dewei has visited China multiple times. I have witnessed firsthand the tremendous achievements of China's industrial development and technological innovation. Since I started working at Goldman Sachs, the company has been expanding its business in mainland China, and I have always been interested in how the Chinese economy continues to evolve, "he said.