HSBC to back Chinese companies in their global expansion plans, CEO Elhedery says

Chinese enterprises could change production and consumption patterns as they invest in technologies and new energy to chase sustainable growth, the bank’s global CEO Georges Elhedery said in a video posted on the WeChat account of the China Development Forum on Sunday.

“China has been successful in adopting innovative technologies to strengthen and transform its supply chains,” he said. “With continued investment, including into research and development, China is poised to lead the future of technology-driven, resilient, and sustainable supply chains.”

In his opening address at the forum in Beijing on Sunday, Premier Li Qiang said international companies with mainland businesses could benefit from China’s efforts to further widen access to its market and loosen state controls over various industries.

The forum attracted more than 80 executives from global multinational companies, including Apple CEO Tim Cook and BMW Group chairman Oliver Zipse.