The meeting between U.S. Secretary of the Treasury Janet Yellen and People’s Republic of China (PRC) Vice Premier He Lifeng at the Ritz Carlton Hotel in San Francisco on November 10th, 2023 has paved the way for further discussions ahead of the APEC summit. During the meeting, both Yellen and Lifeng discussed various economic and financial matters and set the stage for increased cooperation between the two countries.
Following the meeting, Vice Premier He Lifeng met with global financial executives and pledged to make it easier for foreign institutions to invest in China, according to state media. The executives present at the meeting were part of the Chinese securities regulator’s international advisory committee. This move comes as foreign investors have been hesitant about investing in China due to uncertainties surrounding the country’s economic trajectory and tensions with the U.S.
The MSCI China stock index saw an 11% decline in 2023, marking the third consecutive year of annual declines, the first such losing streak in 20 years, as reported by Goldman Sachs.
He Lifeng stated at the meeting that China will continue to deepen the reform and two-way opening-up of its capital market and attract more foreign financial institutions and long-term capital to the country.
In addition to He’s meeting with financial executives, President Emeritus of Harvard University Lawrence Summers also met with People’s Bank of China Governor Pan Gongsheng. Summers hosted a lecture on the global economy and stagflation. His meetings with Chinese officials and academics come at a time when in-person meetings between Chinese and U.S. officials, executives, and academics have increased significantly since China lifted its COVID-19 travel restrictions over a year ago.
China’s Premier Li Qiang is also set to speak at the World Economic Forum’s annual summit in Davos, Switzerland, further signifying the country’s efforts to engage with the global economic community.