Time arrives for reforming financial regulation system: HSBC chairman
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Shanghai to become international financial center
Green believed that Shanghai will become a more and more important international financial center. "China is a very large economy and it is growing very fast," he said. "There's plenty of room for the role of Shanghai, as well as the growth of Hong Kong."
Green said he was sure that international banks obviously want to play a part in that. "We want to play our part in both Hong Kong and Shanghai, and indeed to grow our business in the central and western part of the country as well," he said.
When the Chinese authorities establish the international board and "if we are invited, we would be delighted to take the step of listing in Shanghai," Green noted.
Last year, HSBC's CEO office moved to Hong Kong. For this, Green said Asian countries are the most important markets for HSBC. "We are going back home in a way," he added.
Currently, more than two-thirds of HSBC's business comes from emerging markets, particularly in Asia. Green expected the ratio to continue to increase over time because those countries are growing faster than Europe and North America.
"We want to continue to grow business in China," he said. "We are committed to China and its economic and social development and to support it in any way we can in China."
As for the process of the opening-up of China's capital market, he said it is the right way for China to develop financial markets step by step.
That's important for China's growth in the years to come as it becomes a broader and stronger economy, he said. "You need a capital market to support that."
