Business / Companies

Golden opportunities ahead for Goldman Sachs in China

By Chen Jia (China Daily) Updated: 2015-11-02 08:35

Golden opportunities ahead for Goldman Sachs in China

Mark Schwartz, vicechairman of Goldman Sachs Group Inc, in his Beijing office. [Photo/China Daily]

This year will be one of the best Goldman Sachs has had since it came here, says firm's vice-chairman

When Mark Schwartz moved to Beijing four years ago with his family, he felt "privileged" to be working in the country.

The vice-chairman of Goldman Sachs Group Inc described his China posting as "coming home".

Golden opportunities ahead for Goldman Sachs in China

"We feel privileged to be living here," Schwartz, 61, said, adding that he spends his weekends visiting historical sites such as the Temple of Heaven, the Summer Palace and the Palace Museum, also known as the Forbidden City.

Apart from his love affair with the country out of the office, he is also bullish about the business opportunities here.

"I believe 2015 will be one of the best years since the group started operations in China in 1994," Schwartz, who is also chairman of the firm's Asia Pacific division, said.

Even though the economy here is slowing down, there are still major opportunities for a company the size of Goldman Sachs, a multinational investment bank based in New York's financial district.

"As a foreign financial institution, we compete for only about 2 percent of the Chinese financial services and products market, according to domestic laws and regulations," Schwartz said.

"But we do see growth in the business as the size of the economy and the opportunities here are increasing."

Back in 2004, Goldman Sachs set up a joint venture with Chinese company Beijing Gaohua Securities Ltd to provide financial services in the stock and bond markets.

The American powerhouse has also been involved in several major initial public offerings, including the big-ticket IPOs of China Mobile, PetroChina and Bank of China.

"They were a proud part of our group's history here," Schwartz, who understands the value of long-term relationships in Chinese culture, said.

That relationship will continue to prosper in the years ahead as the global economy gets back on track.

"I have an optimistic view of the future," he said.

"Growth in the United States is strong and resilient, and there is a likelihood that the US Federal Reserve will raise interest rates soon," he added. "The European economy has also stabilized."

Previous Page 1 2 3 Next Page

Hot Topics

Editor's Picks