David Solomon, Chairman and CEO of Goldman Sachs Group, recently stated in an interview in Beijing that if he were to describe the Chinese economy in a few words, he considers it one of the world's most important economies—a broad, diverse entity that continuously benefits from technological innovation alongside strong manufacturing and export performance.
He expressed that Goldman Sachs maintains a positive outlook on China's development prospects and economic growth potential, underscoring a long-term and steadfast commitment to the Chinese market.
Solomon noted that the Chinese economy has achieved its set growth target for 2025, which he views as highly significant.
From a long-term perspective, he believes the most crucial growth opportunity for the Chinese economy lies in consumption.
In recent years, the Chinese government has placed greater emphasis on the role of consumption in stimulating the economy, with relevant statements on vigorously boosting consumption included in the proposals for the 15th Five-Year Plan; he anticipates that future economic growth momentum in China will increasingly derive from the development of consumption and the services sector.
Based on Solomon's observations, international capital inflows into the Chinese market increased in 2025, and the weighting of Chinese assets in global investment portfolios has risen, with expectations that the proportion of foreign capital allocated to the Chinese market could rebound to over 10% in the future.
Having visited China last November, the head of Goldman Sachs Group returned just two months later.
He indicated that during his visit in November, he had already observed a resurgence in activity within China's capital markets, and this time he sees the same trend, actively seeking opportunities to expand Goldman Sachs's investment banking business in China.
It was reported that the joint venture between Goldman Sachs Asset Management and ICBC Wealth Management is also progressing steadily.
In June 2022, the joint wealth management company established by Goldman Sachs and the Industrial and Commercial Bank of China (ICBC), Goldman Sachs ICBC Wealth Management, received approval to commence operations, becoming the fourth joint venture wealth management company in China.
Solomon stated that a series of opening-up measures in China's capital markets have been highly encouraging for Goldman Sachs.
He remarked, "We have seen the direction of opening up. Global investors hope to see a more balanced and open Chinese economy, which will be key to attracting more capital."
Solomon emphasized that Goldman Sachs's commitment to the Chinese market is long-term and resolute, and the firm will continue to deepen its presence in China.
Since the mid-1990s, Solomon has visited China multiple times.
He said, "I have personally witnessed the significant achievements in China's industrial development and technological innovation. Since my tenure at Goldman Sachs, the firm has always operated in mainland China, and I have consistently followed the continuous evolution of the Chinese economy with great interest."
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