The United States and China recently reached a 90-day temporary truce on tariffs, during which China pledged to further open its market to American businesses.
On May 23, China’s state-run Xinhua News Agency and People’s Daily reported that He Lifeng – Vice Premier and member of the Political Bureau of the Chinese Communist Party (CCP) Central Committee – met separately with John Dugan, Chairman of Citigroup, and Harvey Schwartz, CEO of The Carlyle Group, at the Great Hall of the People in Beijing.
He Lifeng emphasized that China’s economy is steadily recovering and maintaining positive growth momentum. He welcomed foreign financial institutions, including Citigroup and Carlyle, to increase investment and expand operations in China. He expressed hope that they would participate more actively in the development of China’s capital markets, deepen cooperation, and share in the country’s development opportunities.
John Dugan said that Citigroup remains committed to the Chinese market and plans to strengthen its investments and partnerships. He noted the bank’s intention to expand into new areas such as securities, futures, and financial derivatives. Harvey Schwartz also expressed optimism about China’s economic outlook, affirming Carlyle’s long-term commitment to the country and plans to further expand its investment footprint.
Source: People’s Daily, May 23, 2025
http://politics.people.com.cn/n1/2025/0523/c1001-40486519.html