Goldman Sachs plans to increase stake in Chinese JV

Move shows foreign investment bank's confidence in China market, says expert

The Goldman Sachs Group Inc is seeking regulatory approval to own a majority stake in its securities joint venture in China, a step that will make it the latest foreign investment bank to take advantage of the further opening of the financial sector by the country.

A spokeswoman at Goldman Sachs' Beijing office confirmed on Wednesday the US bank's plan to boost its stake in Goldman Sachs Gao Hua Securities Co to 51 percent from 33 percent. Beijing Gao Hua Securities Co currently owns 67 percent of the joint venture company.