China to seek Wall Street help on im­prov­ing US ties

The Gulf Today - Business - - FRONT PAGE -

HONG KONG: China will ask Wall Street firms for ways to im­prove ties with the United States and sug­ges­tions to open up its fi­nan­cial sec­tor at a day-long meet­ing in Bei­jing on Sun­day, peo­ple fa­mil­iar with the mat­ter said.

The Chi­nese govern­ment sent in­vi­ta­tions for the hastily-con­vened meet­ing a few weeks ago as trade ten­sions be­tween the world’s two largest economies ap­peared to be headed for a full-blown trade war.

Top fi­nan­cial firms in both coun­tries are send­ing rep­re­sen­ta­tives to the meet­ing, al­though heavy­weight in­vi­tees such as Black­stone’s Stephen Sch­warz­man were un­able to re­ar­range their sched­ules to at­tend the meet­ing, a source said.

The meet­ing will be chaired by Zhou Xiaochuan, for­mer gover­nor of the Peo­ple’s Bank of China, and John Thorn­ton, ex-pres­i­dent of Gold­man Sachs.

At­ten­dees will also meet with Chi­nese vice-pres­i­dent Wang Qis­han on Mon­day morn­ing af­ter the full-day Sun­day ses­sion, ac­cord­ing to an in­vi­ta­tion re­viewed by Reuters.

Zhou and Thorn­ton have asked par­tic­i­pants to give one or two spe­cific ideas on how to fur­ther open up China’s fi­nan­cial sec­tor as well as sug­gest ways to “forge nor­mal U.s.-china re­la­tions for the ben­e­fit of our two coun­tries and the world,” ac­cord­ing to the peo­ple and a meet­ing agenda seen by Reuters.

The peo­ple, who have knowl­edge of the meet­ing, de­clined to be named as the round­table de­tails were not pub­lic.

The meet­ing ideas should be ac­com­pa­nied by spe­cific ac­tion points, said one source who was briefed on the agenda.

“They don’t want some­thing feel-good. It’s got to be spe­cific ac­tion­able ar­eas where re­form and open­ing mar­kets is needed,” said one of the sources.

Chi­nese govern­ment of­fi­cials will aim to re­as­sure the US fi­nan­cial firms that Bei­jing is gen­uinely re­cep­tive to their ideas, the source added.

The meet­ing comes as the United States is ready­ing a fi­nal list of $200 bil­lion in Chi­nese im­ports on which it plans to levy tar­iffs of be­tween 10 and 25 per cent in the com­ing days.

Ear­lier this week, of­fi­cials in Bei­jing wel­comed an in­vi­ta­tion from Wash­ing­ton for a new round of talks.

US par­tic­i­pants at the round­table in­clude Cit­i­group’s Asia head of cor­po­rate in­vest­ment bank­ing Jan Met­zger, Gold­man Sachs’ newly-named pres­i­dent John Wal­dron, Jpmor­gan Asia CEO Ni­co­las Aguzin, and Mor­gan Stan­ley head of in­ter­na­tional busi­ness Franck Petit­gas, the peo­ple fa­mil­iar with the meet­ing said.

Newspapers in English

Newspapers from UAE

© PressReader. All rights reserved.