Business / Economy

China's currency to essentially become world's great currency

(Xinhua) Updated: 2015-10-19 16:11

"In terms of global economic growth, one of the most important facts is that we see Chinese economy in a number of ways. Some of the older parts of the economy are clearly challenged, and see slower growth; but the modern part of the economy, such as the digital and internet-related world, is growing very fast. The services sector is growing very fast, so there are many parts of Chinese economy," he said.

Talking about the long-term growth engines for China, Flint believes urbanization is driving the growth a lot and would be one of underpinnings to the growth in China, along with the services sector and the consumer demand.

"China will be an important source and driver for the world incremental economic growth. Chinese companies expand beyond domestic and regional boundaries to deliver the services that they are capable, and to integrate more into the global economy that would drive further growth," he said.

Exciting reforms

He said the HSBC and its peers in the industry are very strongly supportive in enhancing the two countries' economic ties.

"One of the most exciting things over the last three or four years has been the growing number of Chinese banks in London and their expansion within London, and the roles they are playing in supporting outward investment flows into Europe, and indeed their roles in trading the renminbi," Flint said.

"And the UK banks are deeply cooperative with their China's counterparts in terms of helping them build their presences in the UK as well as helping Chinese corporate build their presences and wider throughout the Europe," he said.

In the context of closer relationship between China and Britain, the HSBC announced its plan to expand its operations in the Pearl River Delta, one of most economically dynamic regions in China, earlier this year.

"The blueprint is to recognize that the Pearl River Delta is an economic regional significant importance. It has always been one of the most significant trading regions within China. The power of the Delta is not only expanding in trading and logistic but also is becoming the Silicon Valley in many ways in terms of how the social media, the internet companies, and high-tech companies are located in this part of the country."

He added that he is excited in China's free trade zones, the pivotal reform window for China's new round of reform.

"It gives China the opportunity to test the certain market development in a defined designated space, and take the learning from the experiment that takes place within a distinct area and take those that have worked well and extend them to the rest of country," he said.

The HSBC makes most of its money overseas, with Asia accounting for around 80 percent of its profit.

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