Prin­ci­pal eyes huge pen­sion po­ten­tial

China Daily (Hong Kong) - - BUSINESS -

Its part­ner, CCB, has been an ac­tive par­tic­i­pant in the development of the Belt and Road Ini­tia­tive, and there are op­por­tu­ni­ties for Prin­ci­pal to fa­cil­i­tate some of CCB’s ac­tiv­i­ties, not only help­ing the Chi­nese bank source for projects, but also nav­i­gate lo­cal reg­u­la­tions in the dif­fer­ent mar­kets in­volved in the ini­tia­tive the com­pany op­er­ates in.

The US com­pany has a joint ven­ture of as­set man­age­ment part­ner­ships in South­east Asia with CIMB Group Hold­ings Ber­had — a Malaysian bank­ing group head­quar­tered in Kuala Lumpur, which may also ben­e­fit from cross-bor­der mu­tual recog­ni­tion schemes for as­set man­age­ment un­der the ini­tia­tive.

“As China pledged to fur­ther open up in its fi­nan­cial ser­vice sec­tor, we see op­por­tu­ni­ties for Prin­ci­pal to of­fer our over­seas in­vest­ment ca­pa­bil­i­ties to Chi­nese in­vestors, while of­fer­ing our Chi­nese joint ven­ture’s ex­per­tise in China eq­uity and fixed in­come to our clients out­side of China,” said Thomas Cheong, Prin­ci­pal’s vice-pres­i­dent and head for North Asia.

Both CCB and Prin­ci­pal signed a strate­gic co­op­er­a­tion agree­ment to ex­pand the re­la­tion­ship to other ar­eas of as­set man­age­ment, pen­sion development and the joint development of over­seas mar­ket op­por­tu­ni­ties in 2016.

“The eco­nomic tran­si­tion pushed by the Chi­nese govern­ment will grad­u­ally trans­fer the coun­try from an ex­port­driven man­u­fac­tur­ing econ­omy to an econ­omy based on in­ter­nal con­sump­tion, sav­ing and in­vest­ment,” said Zhao Ying, a re­searcher at the in­sti­tute of in­dus­trial eco­nom­ics of the Chi­nese Academy of So­cial Sciences in Bei­jing.

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