The Hongkong and Shanghai Banking Corporation Ltd said Monday that it has appointed Peter Wong as chairman of its fully-owned subsidiary HSBC Bank ( China) Company, succeeding Vincent Cheng, who retired from this position recently. The appointment has obtained regulatory approval and effective immediately, said the HSBC in a statement released to the media in the day. \"China is the growth engine of the global economy and a key focus of our emerging markets strategy. We will continue to leverage our strong brand to build on our position,\" said Wong in the statement. In addition to this new appointment, Wong is currently chief executive of the HSBC, and group managing director of HSBC Holdings plc. Peter Wong, joining HSBC in 2005, has more than 30 years experience within the banking industry.