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Goldman Sachs Wins Approval to Buy Out Partner in China



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Goldman Sachs has won approval to take full ownership of a joint venture in China, enabling the Wall Street firm to expand its operations in the country at a time when Beijing has made moves to open up its financial sector.The China Securities Regulatory Commission gave Goldman Sachs the go-ahead to buy out Beijing Gao Hua Securities, its local partner, as Beijing tries to make good on a pledge it made in 2017 to allow foreign investment banks to fully own their China operations.“This marks the start of a new chapter for our China business following a successful 17-year joint venture,” Goldman Sachs said in a memo on Sunday, adding that the approval would allow the investment bank to “position our firm for long-term growth and success in this market.”Goldman Sachs reached a deal to buy a remaining 49 percent stake in Goldman Sachs Gao Hua from its Chinese part …

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