Goldman Sachs has big plans as China opens up its financial markets

Goldman Sachs has big plans as China opens up its financial markets

Photo: Reuters

China is the world’s most populous nation and one of its biggest capital markets and foreign investment banks are eager to grab a slice of the action. Goldman Sachs Group Inc. is right at the head of the pack.

In October, it became the second foreign investment bank to get the go-ahead to take 100% ownership of its Chinese securities joint venture, Goldman Sachs Gao Hua Securities Co. Ltd., ending a 17-year partnership with veteran financier Fang Fenglei. That followed approval in May to set up a majority-owned wealth management venture with Industrial & Commercial Bank of China Ltd., the world’s largest commercial lender by assets.

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