Chinese investors look overseas
Updated: 2013-05-20 07:24
By Jiang Xueqing (China Daily)
Asurvey conducted by HSBC Bank (China) Co in March showed that Chinese consumers have a strong desire to embrace a global vision. Among the more than 1,000 people surveyed in eight cities, including Beijing and Shanghai, 80 percent anticipated that their lifestyles will become more internationalized and their connections with the outside world will be strengthened through overseas education, travel, financial management services and investment.
According to the survey, exploiting global investment opportunities is a common trait of those with connections with other countries. Deposits in foreign currency still remain the leading form of overseas investment, according to more than 30 percent of respondents. Meanwhile, other vehicles, including direct overseas investment and investment in foreign markets via qualified domestic institutional investors, domestic funds and bonds, each attracted 12 percent of respondents.
Looking to the future, 70 percent of the respondents expressed their willingness to invest overseas and said the international financial services they most require are access to personal foreign exchange, cross-border remittance transfers, and free withdrawals from ATMs worldwide.
"Our survey found that a growing number of Chinese residents are more willing to set development goals in a global perspective when formulating their life plan. They hope to realize their dreams by taking the opportunities and advantages offered by different markets," said Li Feng, director of retail banking and wealth management business at HSBC China.
"However, we also noticed that for many people, there is still a gap between their financial plans and their life goals. They need the assistance provided by professional financial service institutions to make a rational self-evaluation of, and scientific plans for, their wealth," he said.
(China Daily 05/20/2013 page9)