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HK Bank Confident in Chinese Market After WTO Entry
The Hong Kong and Shanghai Banking Corporation (HSBC) plans to increase the number of its employees in China's interior from 800 to more than 1,000 over the next five years.
Eddie Wong, president of the bank's China business, said the decision was only part of HSBC's effort to increase its presence in the interior.
"China's anticipated entry into the World Trade Organization (WTO) represents more opportunities and challenges," Wong said. "We are preparing for both."
Wong said that HSBC has full confidence in its development in the interior and has therefore moved its China headquarters from Hong Kong to Shanghai.
According to Wong, the bank will expand its cooperation with local banks in such areas as Chinese currency business and Internet banking.
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