SAN FRANCISCO, CA – NOVEMBER 10: U.S. Treasury Secretary Janet Yellen (R) to Vice Premier of the People’s Republic of China (PRC) at the start of bilateral talks at the Ritz-Carlton Hotel in San Francisco, November 10, 2023 Greet. , California. Secretary Yellen and Vice Prime Minister Lifeng will meet ahead of the APEC summit to be held in San Francisco. (Photo by Justin Sullivan/Getty Images)
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BEIJING – Chinese Vice Premier He Lifeng met with global financial executives on Wednesday and pledged to make it easier for foreign institutions to invest in the country, according to Chinese state media.
The executives are members of the China securities regulator’s international advisory committee. Vice Premier He is also the Secretary-General of the Central Finance and Economic Commission.
The meeting comes as foreign investors largely take a wait-and-see attitude toward China amid uncertainty over China’s economic trajectory and tensions with the United States.
According to Goldman Sachs, the MSCI China Stock Index fell 11% in 2023. According to Goldman Sachs, this is the third consecutive year of annual declines and the first such consecutive losses in the past 20 years.
“China will continue to deepen capital market reform and two-way opening-up, promote cross-border investment and financing, and attract more foreign financial institutions and long-term capital to China,” he said at the meeting. . According to state-run Xinhua news agency.
China has gradually allowed foreign financial institutions to control a majority of local operations. Last year, the securities regulator also introduced new rules clarifying 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, a news release on the People’s Bank of China’s website said.
Summers is a former U.S. Treasury secretary who has hosted lectures on the global economy and stagflation, according to the central bank. Summers said in an email to CNBC that the PBOC’s speech “used the term secular stagnation, not stagflation.”
According to a government statement, earlier this week on Monday, he met with Shanghai Municipal Party Secretary Chen Jining.
Since China lifted coronavirus travel restrictions more than a year ago, there has been an increase in face-to-face meetings between Chinese officials and U.S. officials, executives and academics.
Chinese Premier Li Qiang is scheduled to speak Tuesday at the World Economic Forum’s annual summit in Davos, Switzerland.
