Golden opportunities ahead for Goldman Sachs in China

Still, there are challenges ahead for the financial sector.

Last month, Goldman Sachs reported that third-quarter global net income fell to $1.43 billion, or $2.90 a share, from $2.24 billion, or $4.57 a share, compared to the same period in 2014.

Revenue worldwide also dropped 18 percent to $6.86 billion. Those figures were below analysts' estimates.

Choppy markets, fueled by investors' fears over economic growth, left its mark on a number of Goldman's businesses, from bond trading and stock underwriting, to the firm's own portfolio of long-term investments.

"We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth," group CEO Lloyd Blankfein said in a company statement.

"But we continue to see strong levels of activity in investment banking and growth in investment management," he added.

Despite the numbers, Schwartz is upbeat about the company's prospects and China in particular.

"Development will continue to remain a significant part of global growth. I think fears about China's slowdown are overstated," he said. "I am confident and optimistic that China will continue to be the biggest contributor to global growth."

Another key element is Beijing's commitment to reforming and liberalizing the financial sector as well as pressing ahead with major restructuring in the country's industrial base. This will help create a stronger and more stable economy, producing sustainable growth.

"While the entire opening-up process may take a long time, it will also lay the economic foundations for the next several decades," Schwartz said. "In my view, the rest of the world will benefit from a stronger China."

In light of this, Goldman Sachs has readjusted its development strategy to the government's latest economic initiatives and realities.

"Our business is growing here despite the market turmoil," Schwartz said. "We are one of the oldest foreign financial institutions operating in China.

"This year, Goldman Sachs will be one of the country's most successful joint ventures," he added. "We are excited and enthusiastic about our future, and we want to continue expanding our business here."

So, what are the vital ingredients of the company's success? Without hesitating, Schwartz summed it up in three words - people and culture.

For 146 years, the group has focused on attracting the brightest and the best.