CITIBANK is looking forward to expanding its role in China's economic growth by strengthening its presence in capital markets and corporate finance activities, says a senior executive. Speaking in Shanghai yesterday, Chia Pei-yuan, vice-chairman of Citicorp and Citibank, said rapid growth could make China the world's largest economy in the next two decades. ''The macroeconomic outlook for China remains strong, with the continuation of open-door policies and reform. The continued growth of China's exports will depend on China's success in attracting foreign investment,'' said Mr Chia. ''We are confident that the country's economy will continue to blossom. China is already well on its way to becoming a major economic power,'' he added. Mr Chia was in Shanghai for a conference organised by Citibank China for business heads of the bank in Asia. Senior executives from New York, including senior executive vice-president Christopher Steffen, also attended. Mr Chia said Citibank would strengthen its capital market and corporate finance activity as China was not the most important new market for American depository receipts. He said Citibank would expand its representation in China, and the bank's plan for the year included upgrading the Guangzhou representative office to a full branch. It is also considering opening two more offices in northern China. Citibank opened a China head office in Shanghai last August. Mr Chia believed Citibank's specific skills and experience around the world could help in the development of a modern banking sector in China, as the country had embarked on its monetary reform with promising results to date.
