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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 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.
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.”
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.