Citigroup Chief Executive Jane Fraser highlighted the strategic importance of China during a recent visit to Beijing, where she participated in a summit alongside 17 other business leaders invited by U.S. President Donald Trump. The three-day event, held from May 13 to 15 at the Great Hall of the People near Tiananmen Square, marked the first trip by a sitting U.S. president to China since 2017 and represented the seventh face-to-face meeting between Trump and Chinese President Xi Jinping.

Fraser emphasized the summit’s focus on fostering mutual understanding and collaboration amid ongoing structural tensions in the China-U.S. relationship. She noted that the discussions centered on stabilizing economic ties between the two countries rather than “de-risking,” a term often used to describe efforts to reduce dependence. According to Fraser, there was a sense of parity in the talks, with both sides recognizing China’s significance as a leader in multiple industries and expressing commitment to improving their economic relationship.

The summit also underscored support from both the Trump administration and the Chinese central government for U.S. companies’ engagement with China. Following the meeting, the two governments agreed to establish a “constructive relationship of strategic stability,” with plans for President Trump and President Xi to meet again in the United States in September. Key issues on the agenda included trade, Taiwan, and regional security concerns.

For Citigroup, China remains a core strategic market. Fraser revealed that the bank is actively pursuing a fully owned securities license in China that would allow it to operate onshore brokerage and investment banking businesses, enabling Citi to compete with rivals such as JPMorgan, Goldman Sachs, and UBS. Although the license reportedly received approval during the summit after a four-year process, it has yet to be formally issued. Fraser expressed optimism about the license’s prospects, stressing the benefits such a license would offer in deepening local capital market services for clients.

Fraser also outlined Citi’s role in facilitating cross-border activities, serving Chinese companies expanding overseas as well as global clients—including many U.S.-based firms—that are increasingly interested in Chinese markets and companies. She highlighted recent data from China’s Ministry of Commerce indicating a rise in foreign-invested enterprises in the first four months of 2024, with significant year-on-year growth in investment flows from countries including Luxembourg, Switzerland, France, and the United States.

The bank, nicknamed the “flower flag” bank in China due to its longstanding presence dating back to 1902, has recently shifted its regional focus toward institutional banking, capital markets, and corporate services. It has exited several consumer markets in Asia, including mainland China, India, and Taiwan, while continuing to advise on major cross-border transactions and serving a wide range of Fortune 500 companies and local enterprises in China.

In parallel with Citi’s expansion in China, Fraser pointed to Beijing’s recent measures to enhance cross-border financing. In May 2024, Chinese financial regulators raised leverage ratios for foreign banks’ overseas lending to stimulate trade and investment and promote the international use of the yuan. Fraser welcomed these steps, noting clients’ increasing demand for renminbi-denominated assets as Chinese companies extend their global reach.

Fraser also highlighted Hong Kong’s advancing role in supporting financial innovation and the digital asset market. Praising the city’s regulatory framework and technological progress, she referenced several pioneering tokenized bond issuances, including the world’s first tokenized government green bond in 2023 and subsequent digital bond initiatives integrating central bank digital currencies.

During her late June visit to Hong Kong, Fraser met with Victor Fung Kwok-king, chairman of the Li & Fung group, a longtime Citi client, to discuss future collaboration areas such as blockchain, logistics, artificial intelligence, and digitization. Fraser underscored Citi’s intention to grow its wealth management services to serve an increasing number of family offices setting up in Hong Kong from China and around the world.

Under Fraser’s leadership since March 2021, Citigroup’s stock value has more than doubled, and the bank reported a 42 percent increase in net income for the first quarter of 2024, reaching $5.8 billion on revenue of $24.6 billion—the highest quarterly trading revenue in a decade. Fraser attributed the growth to successful restructuring and expressed confidence in the bank’s future prospects amid ongoing global economic shifts.

Fraser’s Beijing visit and active engagement in the Chinese market underscore Citi’s commitment to bridging connections between China and the wider world, positioning the bank to capitalize on expanding financial opportunities across Asia and beyond.