BlackRock extends its effort in establishing its influence in China as part of its plan to become a major foreign player in the country.

Laurence Fink, chief executive of BlackRock, said in a letter to its shareholders, that China gives the largest future growth opportunity for the company. He said that, over the next five years, Asia is projected to own 50 percent of the organic assets under the asset management industry and the growth is largely contributed by China.

The overall asset management industry suffered difficult times last year due to the unstable regulatory environment and global business models.

The chief executive said that the company's future growth will be contributed greatly by making investing more accessible to a wider range of investors. He also said that the company's strategy needs to focus on targeting areas with the potential to give the highest future growth.

China is one of the nations that could significantly boost future growth for investors because of the increasing demand for more diversified and long-term investment solutions. In 2018, the company launched its first onshore equity fund in China as it targets qualified institutional and high-net-worth investors.

Blackrock Investment Management (Shanghai) is a wholly foreign-owned enterprise in China which was registered with the Asset Management Association of China as one of the private fund management company in December of last year.

The Financial Times reported that the company held talks with various Chinese groups that include CICC Fund Management to purchase a majority stake in the investment sector. The 7 percent of BlackRock's total assets under management of $5.98 trillion is contributed by the Asia Pacific Region based on the data as of end-December 2018.

Fink said that, in China, which is one of the largest future growth opportunities for BlackRock, they are focused on building an onshore presence. He added that their goal is to become one of the country's leading global asset managers.

Fink sees an increasing demand for more diversified and long-term investment solutions in the Asian nation despite the global economic slowdown and the ongoing trade war. He said that if anything the Chinese are looking for greater participation of global firms in their asset management space because they also have a growing retirement crisis. He also said that he believes that people are increasingly frustrated with the culture of investing and the structure of financial markets. He added that there is a focus on speed and a lack of substance but there is far too little conversation about long-term goals and outcomes.