State Street Corporation has opened its first mainland China office in Beijing, according to a news release.

A spokesperson could not immediately find out how large the office will be or what type of products and services the office will offer.

"We see enormous potential in the Chinese market for our full spectrum of integrated and comprehensive investment solutions. The Chinese economy has grown at an average of approximately 9 percent per year over the past 25 years," stated Jay Hooley, executive vice president and head of global investment services.

In the Asia-Pacific region, State Street also has offices in Honk Kong, Sydney, Tokyo, Taipei, Singapore and Seoul.

In the release, State Street said it first entered the Chinese financial market in 1997.  

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