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Beijing Receives A Promise From Citigroup CEO To Continue China Expansion

Beijing Receives A Promise From Citigroup CEO To Continue China Expansion
In response to Beijing's efforts to draw in more foreign capital, Citigroup CEO Jane Fraser stated the bank will continue to grow its operations in China during her first visit to the nation this week as the head of the U.S. company.
The National Financial Regulatory Administration (NFRA) said on Wednesday that Fraser met with the head of China's new financial watchdog on Monday.
According to the NFRA statement, Fraser and the accompanying executives declared that they are "fully confident in China's economic and financial growth" and that Citi "will play to its strength and continue to expand its business in China".
It was her first trip to China since taking the CEO position in March 2021, and it came after Jamie Dimon, the CEO of JPMorgan Chase, visited the country last week and other top financial executives from around the world visited in March.
Since they walk a delicate line between being committed to China and not upsetting the United States, the majority of CEOs who have visited China this year have been cautious to openly declare their enthusiasm for expanding their China business.
According to a Citi representative, Fraser also met with the company's employees and clients, some of which were some of the biggest American multinational corporations with operations in China.
International businesses are finding it more challenging to conduct business as U.S.-China tensions have increased. As it navigates economic and geopolitical hurdles, American venture capital behemoth Sequoia announced Tuesday that it aims to sell off its Chinese operation.
In China, Citi now provides wealth management, global markets, corporate and institutional banking, and other financial services.
Due to a change in global strategy, the American lender began winding down its retail banking operations in China last December. This decision will have an impact on around 1,200 local employees.
According to Fraser, Li Yunze, the head of China's financial regulator, the country will progressively liberalise its financial industry.
Since late last year, Chinese municipal governments and business representatives have been attempting to entice foreign direct investments through their travel abroad as they race to meet growth and job targets.
The bank is currently submitting an application to open a securities brokerage in China.
Fraser is the first foreign CEO to have met Li since he took over as head of the regulator in May, which is in charge of the multi-trillion dollar financial sector in China, excluding the securities business.

Christopher J. Mitchell

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