This photo taken on November 4, 2022 shows an evening view of the Lujiazui area in East China's Shanghai. Photo: Xinhua

China's annual economic growth rate is expected to reach 5 percent or higher in 2023, despite some short-term challenges, and Standard Chartered will continue to invest in China to explore tremendous opportunities, Jose Vinals, group chairman of UK-based international bank Standard Chartered, told media recently.

"The Chinese economy in the short term is experiencing certain 'noise'. But even with all of that, we expect that China will be ending the year with 5 percent or slightly above 5 percent, in terms of its (annual GDP) growth rate," he said.

Standard Chartered aims to generate $1.4 billion in profit before tax in China in 2024, Vinals said, noting that the bank's onshore and offshore businesses are thriving in China.

The bank has announced a further investment of $300 million in China by the end of 2024 to upgrade its capabilities in a variety of areas including wealth management, retail banking and sustainability and risk management.

"We can see a lot of opportunities in China and this is why we are investing," he said, noting that there are many opportunities from the reorganization of global industrial and supply chains, the steady internationalization of the yuan, and the development of sustainable finance and wealth management in China.

In addition, the Belt and Road Initiative (BRI) boosts trade and investment between China and the BRI partner economies, and as a result, the bank's income from related markets also witnessed rapid growth, according to Vinals.

The BRI has entered a new phase where high quality is the goal in aspects like commercial viability, sustainability, risk management and governance, contributing to the development and prosperity of BRI partner economies, he said.