HONG KONG (Reuters), HSBC Holdings’ (NYSE:) plan to invest more that 3 billion yuan ($448m) in China operations. Noel Quinn, chief executive of HSBC Holdings, told state news agency Xinhua that he saw both challenges and opportunities.

Quinn did not give any details about the recipients of the cash, except that Quinn indicated the period for the investment was five years from now until 2025.

After a two month lockdown in Shanghai, COVID-19 case numbers had begun to drop. Quinn however stated that the Chinese economic challenges should not be underestimated.

China’s central commercial center lifted the lockdown Wednesday to allow some companies, including banks, to open up their doors.

He stated, “We expect market volatility to continue in short term,” in an interview for the news agency.

We also find in China an economy which has shown its resilience, and offers attractive long-term opportunities for foreign investors and firms.

HSBC currently owns 90% in its joint venture with China Securities.

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