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Goldman Sachs unveils big plans for China

Bank puts its global reputation and size up against domestic heavyweights

Goldman Sachs in China is looking to grow all four of its global business lines, investment banking, global markets, asset management, and consumer and wealth management.   © Reuters

China is the world's most populous nation and one of its biggest capital markets, and foreign investment banks are eager to grab a slice of the action. Goldman Sachs Group Inc. is right at the head of the pack.

In October, it became the second foreign investment bank to get the go-ahead to take 100% ownership of its Chinese securities joint venture, Goldman Sachs Gao Hua Securities Co. Ltd., ending a 17-year partnership with veteran financier Fang Fenglei. That followed approval in May to set up a majority-owned wealth management venture with Industrial & Commercial Bank of China Ltd. (ICBC), the world's largest commercial lender by assets.

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