27 February 2020

China in for soft landing, HSBC CEO says

HSBC Holdings Plc. (00005.HK) is confident China’s economy will make a soft landing, group chief executive Stuart Gulliver said Monday. Gulliver said there are encouraging signs that the economy is coming out of a slowdown into a recovery that will support the rest of the Asia-Pacific. The bank expects Beijing to push through more fiscal and financial market reforms after the gathering of the Communist Party’s Central Committee this month. HSBC posted US$4.5 billion in reported pre-tax profit in the third quarter, up 30 percent from US$3.5 billion from a year earlier. Reported pre-tax profit for the nine months to Sept. 30 rose 15 percent to US$18.6 billion, according to a filing to the Hong Kong stock exchange.

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