2022 Two Sessions

Sessions provide guidance for global executives

Updated: Mar 9, 2022 China Daily Print
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Christine Lam,CEO of Citi China, president of Citibank (China) Co Ltd

A1 China's opening-up is one of the biggest opportunities for Citi globally, and its importance will only increase as China pursues the dual-circulation economic strategy. Among our clients are 70 percent of Fortune 500 companies operating in the Chinese mainland, many of whom now innovate or manufacture "in China, for China" to serve the huge local consumer market. Any new measures during two sessions to further open up the economy will accelerate this trend, and strengthen our ability to finance our clients' success in China.

A2 Climate change is the greatest challenge for our generation, which is why Citi will be "net zero" in carbon emissions by 2050. Demand for our environmental, social and governance (ESG) expertise is up on the back of China's 30/60 carbon goals. Last year, Chinese clients made up roughly one-third of the sustainability capital Citi raised in the Asia-Pacific region. In tandem are our efforts to support innovation, which is one of the fastest-growing segments of our China business. Many of our 2,300 "emerging" corporate clients are transforming their respective industries, from medicine to energy and finance.

A3 One metric I use is whether we are changing with the needs of our clients, and through that, China's economy. This is why we are turning our firepower to where our clients need us most: accessing global capital markets, financing cross-border trade and supporting asset managers entering and expanding onshore. To better serve our clients, we are pursuing the setup of wholly owned securities and futures companies. Opportunities are ample in China, but to seize them, businesses need the courage to change.

A4 With COVID-19 still spreading across the world, it is inevitable that globalization-manifested in the flow of capital, goods, services and people-would be severely disrupted. But our collaboration with Chinese clients has been continuous. Now more than ever, our 300-plus Chinese institutional clients find value in our global network as they manage global operations remotely. We will be there for them as they rebound from the pandemic, offering innovative solutions from automated liquidity management to supply chain finance linked to sustainability impact.

A5 Our commitment to clients, communities and economic progress in China is long-standing and ongoing. We hope to welcome new hires, too, including top technology talent. As China further opens up finance, we will invest in new capabilities. Our application for a 100-percent-owned securities company is underway, and we launched our domestic fund custody business last year. We are growing with our clients here. There is plenty more to look forward to.

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