(Yicai Global) Nov. 22 -- HSBC is considering increasing its investment in China, according to HSBC Bank China's Chief Executive Liao Yijian.

"We are exploring the possibility of boosting investment in joint ventures and other fields," Liao, also president of the local unit, told Yicai Global during the 2019 Bloomberg New Economy Forum yesterday. "We have tens of billions of dollars of capital invested in China, and there are many opportunities for development," he added.

Outside of banking, HSBC has three joint ventures to cover securities, insurance and funds, Liao said, adding that the lender is focusing on China's opening up of the financial market to seek new areas for growth. The firm has a majority holding in its securities venture HSBC Qianhai Securities, which it set up with Qianhai Financial Holdings in December 2017.

China has a clear direction for its opening up and is accelerating the process, Liao continued, giving a nod to the country's now more relaxed restrictions on foreign ownership in the securities and insurance sectors.

Editor: James Boynton