Two cities play crucial role in opening-up
2 years, 5 months ago

Two cities play crucial role in opening-up

China Daily  

Editor's note: China Daily is publishing a series of stories reviewing President Xi Jinping's visits at home and abroad in the past decade to showcase his vision for development in China and the world. Shanghai and Shenzhen point the way forward for nation HSBC Group, the largest bank in Europe, has made two important decisions this year-increasing its shareholding in its securities business based in Shenzhen, Guangdong province, from 51 percent to 90 percent, and in its insurance venture based in Shanghai from 50 percent to 100 percent. Mark Wang, president and CEO of HSBC China, said, "We see in China an economy that has demonstrated its resilience and that still presents long-term growth potential and attractive opportunities to foreign firms and investors." Shenzhen, home to the nation's first special economic zone, which has pioneered China's reform and opening-up since being established in 1980, was the destination for Xi's first domestic trip after he was elected general secretary of the Communist Party of China Central Committee in November 2012.

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