ExclusiveWhy Citigroup CEO Jane Fraser left the US-China summit feeling optimistic
Leader of US$239 billion company discusses yuan internationalisation, Hong Kong’s fintech leadership, and US-China economic stabilisation
For Citigroup’s global CEO Jane Fraser, her time in Beijing last month meant far more than a handshake and photograph with heads of state.
Fraser was among 17 business leaders US President Donald Trump invited to China as part of his three-day visit to Beijing from May 13 to May 15. Standing on the western steps outside the Great Hall of the People – an enormous building near Tiananmen Square that is the primary venue for China’s legislative activities, diplomatic receptions and state banquets – Fraser took in one of China’s most iconic panoramas.
Amid analyst caution about the structural tensions shaping the China-US relationship, some saw the meeting as little more than good optics. To Fraser, such takes missed the big picture, one that was broader and more encouraging.
“Two important powers in the world were engaging with each other, making sure there was an understanding of each other’s points of view,” she said in an exclusive interview.
“In the room, it felt much more like a meeting of equals,” Fraser said during an Asia trip late last month, before flying to Beijing again to meet clients and senior government leaders. There was recognition of China’s importance as a leader in many industries, and therefore “the discussion was very much about stabilisation”, she said, adding that there was “real investment” on both sides towards improving the economic relationship.
The number of US leaders at the summit, the support of the Trump administration for US companies engaging with China and the support of the Chinese government were all strong positive signs, she added.