On November 22, 2024, Citigroup CEO Jane Fraser met with Chinese Vice-Premier He Lifeng in Beijing to discuss China's financial market reforms and the attraction of foreign capital. He Lifeng reiterated China's commitment to deepening financial system reforms and welcomed foreign financial institutions, signaling an openness to international investment [7039ba5d].
Fraser expressed optimism about the Chinese economy and highlighted Citigroup's intention to enhance economic ties between the US and China. Her visit to Beijing followed a meeting with Shanghai Mayor Gong Zheng, where she pledged support for China's financial reforms [7039ba5d].
These discussions coincided with the Global Financial Leaders’ Investment Summit held in Hong Kong, which featured significant participation from mainland officials and underscored the importance of international collaboration in financial markets [7039ba5d].
During the summit, Vice-Premier He Lifeng had previously called for Hong Kong to adopt a self-assertive approach in implementing reforms to maintain its status as an international financial hub. He outlined three key areas for development: deepening financial reforms, expanding cooperation, and aligning with national developments [9d6a1631].
He Lifeng's remarks and Fraser's meetings reflect a broader context of economic revitalization efforts in China, particularly in light of a recent stimulus package aimed at addressing local debt and property issues. Analysts view these developments as positive signals for investor confidence amid ongoing geopolitical uncertainties [9d6a1631].
However, UBS has recently downgraded China's growth outlook for next year to 4%, citing risks stemming from US tariffs and sentiment in the property market, which could impact the overall economic landscape [7039ba5d].
As both Hong Kong and mainland China navigate these challenges, the commitment from major financial institutions like Citigroup to engage with Chinese officials is seen as a crucial step in fostering a resilient economic environment [7039ba5d].