A view of the skyline of Lujiazui in Shanghai on January 24, 2024 Photo: VCG

Global fund manager Fidelity International said on Tuesday that its planned layoffs in China is part of its ongoing global reshuffle to streamline its operations, stressing its long-term commitment to the Chinese market will not change, as proven by the company's continuous expansion in China.

Fidelity International is planning to lay off 20 people at its main unit in China, Reuters reported on Tuesday, citing sources familiar with the matter.

The headcount cut at Fidelity International's wholly-owned China fund unit, which currently employs 120 workers, is equivalent to around 16 percent of its total employees, said the report.

"No decision has been made and a review across all geographies and business lines is ongoing. Our long-term commitment to China market is unchanged," Fidelity International said in a statement sent to the Global Times on Tuesday.

In fact, Fidelity International expanded its presence in the Chinese market over the past years, betting on opportunities brought about by China's high-level opening up.

Recently, Fidelity International announced the opening of a new Beijing office, followed by a move of adding $30 million to the registered capital of its China funds unit, taking its overall capital base to $160 million, reflecting its confidence in the prospect of the Chinese market.

In a previous interview, Helen Huang, managing director of Fidelity International's China office, told the Global Times that China is one of the company's strategic markets in the world, eying growth in such fields as pension market, cross-border capital flow and investment advisory.

As one of the first global asset management companies to enter China, Fidelity International's presence in the market has been for nearly 20 years. Since 2004, the group has set up three offices in Shanghai, Dalian in Northeast China's Liaoning Province, and Beijing, with total employees exceeding 1,900, according to data on its Chinese website.