Biz leaders share plans for next 5 years
(China Daily) Updated: 2016-03-19 08:09
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Jean Lemierre, chairman of BNP Paribas |
The supply-side reforms will take an important role in this transition process. It could result in an increase in non-performing loans and unemployment but new measures are currently being implemented to manage these impacts. We are confident that the short-term drag will be more than compensated by a reinvigorated and greener economy in the medium term.
In fact, industrial restructuring and continuation of the financial reforms will generate numerous new business opportunities for our clients and for the development of BNP Paribas in China.
A2 Renminbi depreciation has been a hot topic and a major concern in the past year or so. We very much endorse what the Governor of the People's Bank of China Zhou Xiaochuan has analyzed. The renminbi might have accumulated a certain degree of overvaluation because it had been de facto pegged to the US dollar.
We do not perceive the current foreign exchange situation as a Chinese yuan devaluation and we are confident that renminbi internationalization will be continued. In this new currency and commodities environment, we have adapted our products and services to help our clients better hedge their risk exposure and to support their true cross-border trade and investments.
We believe that, currently, our onshore platform and products expertise, as well as our strong international presence in 75 countries, position BNP Paribas as one of the best financial partners for our Chinese and international clients.
A3 2015 was a good year for our businesses in China. Supporting our clients, we were able to generate strong revenues and profits while maintaining a very low level of non-performing loans. In 2015, the objectives of our 2014-16 development plan were already achieved in the Asia Pacific region. These results position BNP Paribas as one of top international banks in China.
We are confident and optimistic for our activities in the 2016-20 period, in particular as the renminbi internationalization and the financial markets reforms as well as other new policies and regulations from the Chinese government and regulators offer new opportunities for our clients and for our bank.
2015 was also an excellent year for our various partnerships and joint ventures in China. The business cooperation with Bank of Nanjing, our strategic partner, continued to deepen, allowing both banks to offer better and broader services jointly to clients. In addition, we have expended our cooperation with Bank of Nanjing via a new and strengthened joint partnership in equipment leasing and consumer financing.
Working closely with some other strong Chinese partners, we launched three more joint ventures in 2015 in the areas of auto finance, car fleet leasing and life insurance, as well as achieving continual development in asset management and private equity.
A4 We strongly believe China has great growth potential, though it may be lower than that of the past. We have noticed the China leadership's commitment and determination to undertake economic and legal reforms for the better well being of its people.
China will also continue its opening-up, in particular, in the financial and capital markets. We welcome these new developments as they fit well with our long-term commitment in China.
In the meanwhile, we are sharpening our competitive edge in accordance with the country's new policies to better serve our clients with new business activities and services.
