today, I'm reading: Chinese firms are increasing diversification outside of China, says HSBC CEO
Noel Quinn, chief executive officer of HSBC Holdings Plc, speaks during the Global Financial Leaders Investment Summit in Hong Kong, China, on Tuesday, Nov. 7, 2023. Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter, which explores what you need to know about the country’s rise and how it impacts the world. Hong Kong CNN — Diversification away from China is increasing, and it doesn’t just affect foreign companies, according to HSBC CEO Noel Quinn. Speaking at the Bloomberg New Economy forum in Singapore on Wednesday, Quinn said the head of one of HSBC’s units had recently reported a 70% jump “in activity in helping Chinese clients diversify their business model outside of the land mass of China. So that’s an interesting shift.” Quinn, who was appointed CEO in 2020, said data showed there was more activity on “Chinese clients going out of China at this point in time than there is activity into China.” He was responding to a question on firms de-risking from ...