China's banking regulator Guo Shuqing meets with HSBC CEO

BEIJING Guo Shuqing, chairman of China's banking and insurance regulator, met with HSBC Group CEO Noel Quinn on Thursday and exchanged views on the global economic and financial situation.

The meeting came during Quinn's first public visit to mainland China since the COVID -- 19 outbreak. Guo told Quinn that China welcomed an expansion of HSBC's investment in the country, the China Banking and Insurance Regulatory Commission CBIRC said in a statement posted on its website.

Guo said in the statement that China's financial industry will promote high-level opening up to the outside world and deepen international economic and financial cooperation.

On Thursday, Quinn met with the Shanghai Mayor Gong Zheng, according to a post posted on the official WeChat account of the Lujiazui financial city.

According to Quinn, HSBC would continue to strengthen its business in Shanghai and would provide financial support for industry upgrades.

The bank is under pressure from shareholder Ping An Insurance Group Co of China to split off its Asian business to boost returns.

The move comes amid rising geopolitical tensions between China and the West. Quinn said he does not believe that the campaign is politically motivated.