Sina U. S. Stock Exchange News Beijing time 13 news, as China continues to move forward along the road of opening up the financial market, Goldman Sachs GroupThe group plans to double its staff here to 600 in the next five years.

The move is part of a five-year plan drawn up by senior executives at the New York-based investment bank, said a person familiar with the matter, who spoke on condition of anonymity.

Shortly after being promoted to the top position in 2018, Goldman Sachs Group CEO David Solomon (David Solomon) called for a detailed strategy to plan expansion in China over the next five years.

The Chinese government has drawn up plans to allow foreign investment banks to take full control of subsidiaries in the country by the end of the year as part of the opening of its $45 trillion financial market, which also includes asset management and insurance.

Goldman is applying to increase its stake in a Chinese investment bank from 33 per cent to 51 per cent and will gain full control by the end of the year.

Goldman Sachs Group will also increase its investment banking, market, private wealth management and commercial banking operations on the mainland, betting that accelerated capital market reforms will boost growth in the stock and debt markets as well as mergers and acquisitions, according to people familiar with the matter.

Foreign banks are moving into the Chinese market to compete for growing wealth and for up to $9 billion in commercial and investment banking profits.

Before that, JPMorgan Chase & CoIt has announced plans to expand its office space in China's tallest skyscrapers by 1/3. UBSUBS aims to double the number of investment banking employees over the next three to four years. Nomura Holdings, JapanA business is initially being built to serve wealthy onshore Chinese clients, but it will also expand its investment banking business, with plans to increase its workforce to 500 by 2023.