Infotech

Goldman Sachs Gets Green Light From Beijing To Accelerate In China



Posted on Oct. 18, 2021, 6:46 p.m.Updated Oct 18, 2021, 7:01 PM

Evergrande debacle, Sino-American tensions, repression in Hong Kong, cancellation of the IPO of Ant group… Nothing can stop the big American banks from attacking the Chinese market. After JP Morgan this summer, Goldman Sachs in turn won the blank check from Beijing to go up to 100% in its financial services joint venture for the markets. For two years, the Chinese authorities have been showing signs of openness to foreign establishments, including Anglo-Saxons.

“This marks the start of a new chapter for Goldman Sachs (in China), 17 years after launching its joint venture,” the bank said in a statement. The American firm, which was forced to operate under the name “Goldman Sachs Gao Hua Securities”, will now be able to sign under its own name. The cost was not disclosed, but before it, JP Morgan had to shell out $ 1 billion to untie his own ties.

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