HSBC Invests 8 Billion US Dollars on Chinese Mainland

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Last updated at: (Beijing Time) Wednesday, August 07, 2002

HSBC Invests 8 Billion US Dollars on Chinese Mainland

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The Hongkong and Shanghai Banking Corporation (HSBC) Group, one of the world's leading financial institutions, has so far invested 8 billion US dollars in Shanghaia nd other parts of China's mainland, group chairman Sir John Bond said Tuesday.

Sir Bond, who met with Shanghai Mayor Chen Liangyu here Tuesday,also pledged full support for the city's bid to host the 2010 World Expo and the Formula One Grand Prix.

As a member of the International Business Leaders' Advisory Council for the Mayor of Shanghai, Bond said he would try his bestto help China win the World Expo.

He also explained that the HSBC had adopted a long-term development strategy in China.

Briefing Bond on the latest developments in Shanghai, Mayor Chen said his city would establish itself as a regional international finance center by the year 2020.

"Those overseas firms which have confidence in the development of China and Shanghai will definitely get corresponding rewards," said the mayor. "The earlier they make investment, the faster theywill get benefits."

HSBC chairman David Eldon was also present at the meeting.

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