Merrill Lynch CEO says China focus of growth

BEIJING, April 10 (Reuters) - China is critical to growth for Merrill Lynch & Co Inc MER.N, its chief executive said on Thursday, adding that the U.S. investment bank needed a greater presence on the mainland, in wealth management and investment banking.

Chief Executive John Thain also told reporters that his bank has enough capital and won't need to tap the equity market for more in the foreseeable future.

Merrill has so far written down $24 billion worth of investments related to the troubled U.S. mortgage market, which pushed the bank to a loss of more than $8 billion in 2007.

Wachovia Capital Markets said this week it expects Merrill to post a first-quarter loss, and slashed its 2008 earnings estimates for the investment bank to 47 cents a share from $4.43.

Thain said earlier this week the company did not plan to raise more capital and will continue to shrink its balance sheet amid the global credit crunch. ($=7.00 yuan) (Reporting by Kirby Chien; Editing by Ken Wills)