SAN FRANCISCO, CALIFORNIA – NOVEMBER 10: U.S. Treasury Secretary Janet Yellen (R) welcomes Vice Premier of the People’s Republic of China (PRC) He Lifeng at the beginning of a bilateral meeting at the Ritz Carlton Hotel in San Francisco on November 10, 2023 Did. , California. Secretary Yellen and Vice Prime Minister Lifeng will hold meetings ahead of the APEC Summit to be held in San Francisco. (Photo by Justin Sullivan/Getty Images)Thank you for reading this post, don't forget to subscribe!
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BEIJING – Chinese Vice Premier He Lifeng met with global financial executives on Wednesday and promised to make it easier for foreign institutions to invest in the country, state media said.
The officials are part of the Chinese securities regulator’s international advisory committee. Vice Premier He is also the Director of the Office of the Central Commission for Financial and Economic Affairs.
The meeting comes as foreign investors have adopted a wait-and-see attitude towards China amid uncertainty about the country’s economic trajectory and tensions with the US.
The MSCI China Stock Index fell 11% in 2023. According to Goldman Sachs, this is the third consecutive year of annual decline, the first such decline in the last 20 years.
“China will continue to deepen its capital market reform and two-way opening up, facilitate cross-border investment and financing, and attract more foreign financial institutions and long-term capital to China,” he reportedly said at the meeting. ” According to government news agency Xinhua.
China has gradually allowed foreign financial institutions to take majority control of its local operations. Last year, the securities regulator also introduced new rules to clarify the process for domestic companies to list overseas.
Separately, Harvard University President Emeritus Lawrence Summers met with People’s Bank of China Governor Pan Gongsheng on Wednesday, according to a news release on the central bank’s website.
The PBOC said Summers, who was the first US Treasury secretary, hosted a lecture on the global economy and stagflation. In an email response to CNBC, Summers said the PBOC lecture “used the term secular stagnation rather than stagflation.”
Earlier this week on Monday, he met with Shanghai Party Secretary Chen Jining, according to a government announcement.
In-person meetings between Chinese officials and US officials, officials and academics have increased since China ended COVID-19 travel restrictions more than a year ago.
China’s Premier Li Qiang is set to speak at the World Economic Forum’s annual summit in Davos, Switzerland on Tuesday.