China’s Vice-Premier He Lifeng met Citigroup CEO Jane Fraser in Beijing on Thursday, underscoring efforts to open up the nation’s financial markets and attract foreign capital amid geopolitical tensions and a slowing economy. He, the country’s top finance official, told Fraser that the country is “deepening the reform of its financial system and continuing to expand the high-level, two-way opening up of its financial sector.” China welcomes more foreign financial institutions and capital to inveChina’s Vice-Premier He Lifeng met Citigroup CEO Jane Fraser in Beijing on Thursday, underscoring efforts to open up the nation’s financial markets and attract foreign capital amid geopolitical tensions and a slowing economy.He, the country’s top finance official, told Fraser that the country is “deepening the reform of its financial system and continuing to expand the high-level, two-way opening up of its financial sector.”China welcomes more foreign financial institutions and capital to invest in Chinese businesses and to “jointly participate in the development of the country’s financial markets while sharing in the opportunities brought by its growth,” he added.Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.Fraser said Citigroup is optimistic about China’s economy and the outlook of its financial markets, adding that the Wall Street bank will “further its participation in the market to help promote US-China economic ties and trade, while safeguarding the healthy development of the global economy.” Citigroup CEO Jane Fraser said she is optimistic about China’s economy. Photo: Reuters alt=Citigroup CEO Jane Fraser said she is optimistic about China’s economy. Photo: Reuters>The outlook for US-China ties remains fraught with uncertainty following the re-election of Donald Trump to the White House. The incoming US president, who started a trade war with Beijing in his first term, has warned of tariffs of as much as 60 per cent on exports from China.China is also looking to kick-start its economy, having launched a series of measures in late September to prop up the property sector and markets that have been languishing. However, the policies have fallen short of investor expectations, dampening the prospects for a sustained economic recovery.Before visiting the Chinese capital, Fraser travelled to Shanghai on Wednesday to meet Mayor Gong Zheng. She pledged that Citigroup would remain “a staunch supporter of China’s financial market reforms” and “provide greater support for Chinese companies expanding overseas.”Fraser’s high-profile meetings with top Chinese officials took place the same week as the Global Financial Leaders’ Investment Summit in Hong Kong. The three-day event saw the biggest-ever participation by mainland officials and banks since the summit started two years ago.Vice-Premier He, Wu Qing, chairman of the China Securities Regulatory Commission, and Zhu Hexin, deputy governor of the People’s Bank of China, were among the high-profile participants from the mainland.At the summit, Wu pledged to steadily open up the commodities and futures market to global capital, while enhancing the “stability, transparency and predictability of our policies.”Wu’s comments also echoed remarks by Chinese central bank chief Pan Gongsheng, who told foreign
Dom. Dic 22nd, 2024
