Citi CEO Jane Fraser joins likes of Elon Musk, Jamie Dimon in visiting China after its reopening

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Fraser expressed ‘full confidence in China’s economic and financial development’ and pledged to expand business in the country, new regulator says

She said the US and China should strengthen dialogue and cooperation in areas of common interest: Chinese People’s Association for Friendship with Foreign Countries

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Fraser met Li Yunze, director of the National Administration of Financial Regulation, on Monday. Photo: cbirc.gov.cn

Elise Makin Beijing

Published: 9:50pm, 7 Jun 2023

Citibank CEO Jane Fraser has followed in the footsteps of Tesla’s Elon Musk and other CEOs from the West by making a beeline to China.

Fraser met Li Yunze, director of the National Administration of Financial Regulation (NAFR), on Monday, according to a statement by China’s new financial regulator on Wednesday. She expressed “full confidence in China’s economic and financial development” and pledged to expand business in the country, the statement added. The Chinese regulator also added that the country’s financial industry will open up further to the rest of the world.

Citi, which first opened for business in China in 1902, announced late last year that it would wind down its consumer banking business in the country as part of a global strategy adjustment.

The long list of similar visits by CEOs from the technology, banking, fashion and manufacturing sectors indicates major western businesses with interests in the world’s second-largest economy are keen to re-engage after its reopening.

A file photo of Citibank CEO Jane Fraser. Photo: Reuters

Fraser also met the head of the Chinese People’s Association for Friendship with Foreign Countries on Tuesday, the association said on Wednesday. She said the United States and China should strengthen dialogue and cooperation in areas of common interest, according to a statement by the association.