Morgan Stanley upbeat on firm's China prospects

Morgan Stanley is aiming to gain full control of its securities joint venture in China over time to tap into the opportunities from the continuous growth and maturing of the Chinese financial market, the bank's Chairman and Chief Executive James Gorman said on Thursday.

The US firm will increase its stake in its Chinese JV, Morgan Stanley Huaxin Securities Co Ltd, to 51 percent and ultimately to 100 percent, Gorman said, as Chinese regulators have given foreign firms the green light to own majority stakes.

Morgan Stanley has joined other global financial institutions to take advantage of the latest round of liberalization of the Chinese financial market with plans to increase investment in China.