StanChart on path to profits in Northeast

Standard Chartered Bank (China) Ltd officially opened a branch in Heilongjiang province on Thursday, notwithstanding the slowdown in the national and regional economy.

The London-headquartered global lender is looking to play a key role in the construction of the Heilongjiang Land and Maritime Silk Road Economic Belt, part of the country's "Belt and Road Initiative" proposed by President Xi Jinping, and it remains confident in the successful transition of the Chinese economy.

Jerry Zhang, executive vice-chairwoman and chief executive officer of Standard Chartered Bank China, said: "It will take some time for China to realize economic restructuring. We expect that the country will turn from an economy relying heavily on industries with overcapacity to a new form of economy in two years. The short-term economic downturn will not affect our long-term strategic layout in China, which is still one of our most important markets."