Morgan Stanley eyes China expansion

Morgan Stanley's head of China operations yesterday committed to broadening the bank's business in the region despite a slowdown in the market, the Wall Street Journal reported. "In the long run, we do believe China is going to be unstoppable; not only that, it will be unimaginable in terms of the pace of growth," said Wei Sun Christianson, speaking on the sidelines of a charity event for victims of the Sichuan earthquake. She added that the bank will consider hiring staff locally or moving people from Hong Kong in order to meet its expansion targets. Morgan Stanley first established a China office in the early 1990s and has since obtained a variety of business licenses. Most recently, the bank was reported to have reached an agreement with China Fortune Securities on the creation of an investment banking joint venture. However, approval for the deal hinges on Morgan Stanley selling its 34% stake in China International Capital Corp.