Skip to content
Trending
July 7, 2025Why Trump tax deductions โ€” for tips, car loans and more โ€” may not carry large benefits for low earners July 10, 2025Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show July 9, 2025MongoDB close up 13% after company boosts guidance, cites confidence in cloud-based database service July 7, 2025Tariffs and weaker beer demand are weighing on Modelo owner Constellation Brands July 11, 2025Levi Strauss raises sales guidance, says it will absorb some tariff costs for now July 7, 2025Fast-casual restaurants lean on loyalty programs to offset consumer pullback July 8, 2025Brown-Forman shares plummet as whiskey maker warns of tariff uncertainty July 8, 2025Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies July 8, 2025‘F1’ is Apple’s highest-grossing theatrical film ever July 11, 2025Trump announces 35% tariffs on Canada starting Aug. 1
EverydayRead
  • HOME
  • Business
  • Earnings
  • Economy
  • Finance
  • Lifestyle
EverydayRead
EverydayRead
  • HOME
  • Business
  • Earnings
  • Economy
  • Finance
  • Lifestyle
EverydayRead
  Economy  China ramps up Wall Street meetings as Trump inauguration looms
Economy

China ramps up Wall Street meetings as Trump inauguration looms

AdminAdmin—December 11, 20240

Aly Song | Reuters

Chinese Vice Premier He Lifeng has met with several U.S. finance executives in the last month as Beijing seeks to build relationships ahead of President-elect Donald Trump’s planned tariffs on China

.

He Lifeng is one of China’s four vice premiers, and heads the ruling Chinese Communist Party’s economic and finance committee.

He met with BlackRock Chairman and CEO Larry Fink in Beijing on Dec. 5, and Goldman Sachs President and COO John E. Waldron on Dec. 4, according to state media. That followed a meeting with Citigroup CEO Jane Fraser on Nov. 21, state media said.

“The Chinese are seeking all possible avenues to access those now ascending to power in Washington. The Trump Team,” said Peter Alexander, founder of Shanghai-based consulting firm Z-Ben Advisors. “Back channeling is how China operates, even prefers, when building lines of communications.”

More stories

A recession is coming in the U.S., and ‘a few rate cuts’ won’t prevent it, says strategist

August 25, 2024

Fed Governor Bowman favors July interest rate cut if inflation stays low

June 25, 2025

Jamie Dimon says a recession is ‘likely outcome’ from Trump’s tariff turmoil

April 10, 2025

Trump clears Nippon merger with US Steel

May 24, 2025

Goldman Sachs said it was aware of the reports. The two other financial firms did not respond to a CNBC request for comment.

Trump has filled his Cabinet picks with at least 10 reported billionaires, including two with a finance-heavy background: hedge fund manager Scott Bessent for treasury secretary and Cantor Fitzgerald CEO Howard Lutnick for commerce secretary.

Xiโ€™s cautious tone reflects concerns about exacerbating structural challenges: Longview's McNeal

“I do think the Wall Street folks that are coming into commerce and treasury will serve a moderating role on the trade protectionist side,” said Clark Packard, research fellow at the Cato Institute. “It’s all relative because I do think there’s going to be something protectionist on the trade side. Those voices will be the voices that work to mitigate some of that.”

“Especially at Treasury they’re pretty worried about market reaction,” Packard said. “The one thing that can truly maybe scare Trump away from a really aggressive [policy] would be the market reaction.”

U.S. stocks are on track for a relatively rare second straight year of more than 20% gains. After tumbling early this year, Chinese stocks rebounded after Beijing signaled a shift toward stimulus in late September. Chinese authorities on Monday affirmed that supportive stance in a high-level meeting.

‘Keeping its options open’

With actions such as hosting Wall Street executives and imposing export controls on critical minerals, Beijing is keeping its options open, said Zongyuan Zoe Liu, who is Maurice R. Greenberg senior fellow for China studies at the Council on Foreign Relations. “They are preparing for the worst-case scenario.”

But she cautioned that it’s unlikely that financial institutions can do much to mitigate tariffs and tensions with the U.S. “Business transactions and Wall Street executives, one way or another, they would not give up opportunities in any market as long as it fits into their profile,” Liu said.

Chinese financial media summarized He Lifeng’s meetings with the U.S. executives as sending a signal on Beijing’s willingness to open up the financial sector and attract long-term, foreign institutional investment. Foreign capital inflows are often cast by Chinese state media as a symbol of support for the domestic market.

The Chinese vice premier also met with Invesco President and CEO Andrew Schlossberg in Beijing on Nov. 12, and HSBC Group Chairman Mark Tucker on Nov. 14, according to state media. HSBC said it had nothing to add to the report. Invesco did not respond to a request for comment.

U.S.-China capital markets have been “arguably the most dynamic and inter-connected aspect” of the bilateral relationship in the last two decades, said Winston Ma, adjunct professor at NYU School of Law.

“When the cross-border finance relationship is constructive and cooperative, it could lead to MAP, i.e. mutual assured [prosperity]; otherwise it will be MAD, mutual assured destruction,” Ma said, referring to a Cold War deterrence principle.

The CPI report Wednesday is expected to show that progress on inflation has hit a wall
Macy’s employee who hid $151 million in delivery expenses was trying to mask initial mistake, sources say
Related posts
  • Related posts
  • More from author
Economy

Trump announces 35% tariffs on Canada starting Aug. 1

July 11, 20250
Economy

Inflation expectations drift back down to pre-tariff levels, New York Fed survey shows

July 10, 20250
Economy

Trump threatens extra 10% tariff on countries that align with ‘Anti-American’ BRICS policies

July 8, 20250
Load more
Read also
Finance

Fed considering changes to what constitutes a ‘well-managed’ bank

July 11, 20250
Economy

Trump announces 35% tariffs on Canada starting Aug. 1

July 11, 20250
Earnings

Levi Strauss raises sales guidance, says it will absorb some tariff costs for now

July 11, 20250
Business

Trump’s tariffs on Brazil could make your coffee even more expensive

July 11, 20250
Finance

Most Fed officials see rate cuts coming, but opinions vary widely on how many, minutes show

July 10, 20250
Economy

Inflation expectations drift back down to pre-tariff levels, New York Fed survey shows

July 10, 20250
Load more
ยฉ 2023, All Rights Reserved.
  • About Us
  • Advertise With Us
  • Contact Us
  • Disclaimer
  • Cookie Law
  • Privacy Policy
  • Terms & Conditions