S&P Global might have just downgraded China's credit rating, but Switzerland's largest bank remained confident about the prospects of the world's second-largest economy.
"When many of the markets looked at China as being volatile, we actually decided to double our headcount in mainland China, which shows a long-term continuous commitment despite the fact that there were some headwinds at the time," Axel Weber, chairman of UBS Group, told CNBC's "The Rundown" on Friday.
Concerns over whether the economic slowdown in China will result in a hard landing have faded somewhat recently, but the mainland's economic data remained closely watched, especially after trade figures for August showed slowing exports.
S&P also downgraded China's long-term sovereign credit rating by one notch on Thursday to A+ from AA-, citing increasing risks from the country's rapid build-up of credit.
Still, China's gross domestic product growth in the second quarter beat expectations, coming in at 6.9 percent compared with a year earlier and topping the 6.8 percent forecast. Beijing has set a target of around 6.5 percent for the year.