China Construction bank will be one of the most powerful banks in the world, with $10 billion of assets, the world’s biggest infrastructure lender said Wednesday.
The bank’s chairman, Jiang Qingxiang, said in an interview with CNBC that the bank has been one of China’s top investment opportunities since its inception in 2013.
It was one of several major Chinese banks to announce deals during the week.
One was with Shanghai Investment Corporation (SIC), which announced a $1.5bn partnership with Beijing-based Sichuan Investment Corp.
The Chinese investment bank will also partner with the Shanghai Investment Corp, China’s largest state-owned bank, and invest in China’s infrastructure and transport infrastructure projects.
The SIC partnership will be a key asset for China Construction Banks’ expansion and to accelerate its growth in China, Jiang said.
“In the next five years, we expect to be investing at least $10.5 billion in the Chinese construction sector,” he said.
China Construction Banks was founded in 2014.
It is the world most valuable construction bank by assets.
It has assets of more than $10 trillion.
Jiang, who was formerly the deputy governor of China Construction Investment Corp., said the bank was also “a key part of China, our economy and the Chinese people’s future”.
China Construction Investment Corporation was created by the People’s Bank of China to develop infrastructure projects and the bank is expected to become one of its main players in the global infrastructure industry.
“I think we are going to make great progress in this sector in the next 10 years,” Jiang said, without specifying a specific date.
“China Construction Construction Bank is going to have an impact on the international construction industry and the international economy as a whole.”
The bank has about $3.5 trillion of assets.
China Construction has an interest in almost 200 million buildings, and China Construction Investments, China Construction Group, China Land Resources Corporation and China State Construction Group.
In the past, China has been the top destination for investors, but Jiang said in a speech in March 2017 that China Construction had become a leading investor in other countries.
Ji Zhizheng, a professor at the Renmin University of China in Beijing, said that the new investment in China Construction could lead to further economic growth in the country.
“They are going for the top, so they are going in a direction of investment and growth,” he told the BBC.
“That will also lead to more investment and greater demand for the bank.”
There is a lot of pent-up demand for China construction.