QATAR’s National Bank, largest lender, has officially launched its operations in China…

QNB, Qatar’s largest lender, has officially launched its operations in China, a fast growing economy in Asia, as part of its global expansion as well as efforts to facilitate trade between the Gulf and Middle East.

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The bank’s representative office, which is at the Shanghai World Financial Center, has started functioning, a QNB spokesman said.

QNB’s representative office will now take on the role of extending intermediary services in the field of investment and trade with Middle Eastern companies that are looking to establish their business in China or looking to invest money in the country, a bank spokesman said.

The bank will also act as a liaison with Chinese companies that are looking to expand into the ever growing Middle Eastern market and facilitate investments, he added.

Following the establishment of its office in China, QNB Group now extends its presence into more than 26 countries across the globe after deciding in 2005 to begin implementing an intensive and ambitious expansion plan.

As the world’s second largest economy, China has one of the highest growth rates globally. The country has just released its second quarter gross domestic product figures which although down from 7.7% to 7.5% are directly in line with the government’s growth target.

Having experienced an investment boom in recent years, China is now refocusing from an export-led economy towards a consumer-led economy, the spokesman said, adding there will still be a strong focus on business investment as well as on the expansion of factories.

China has also accumulated $3.5trn in foreign exchange reserves which represents the country’s global buying power.

Reported by: Gulf Times, Reuters, The Peninsula, Bloomberg, Qatar Tribute, Caye Global News, BBC News

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