{"text":[[{"start":7.16,"text":"Citi has received long-awaited approval to operate a wholly owned securities business in China, weeks before an expected meeting between Donald Trump and Xi Jinping."}],[{"start":16.88,"text":"The approval, which has been five years coming, was announced by China’s securities regulator on Friday and will allow the US bank to offer services such as equities brokerage and securities underwriting in the mainland."}],[{"start":28.36,"text":"“Citi has been serving clients in China for nearly 125 years, and we appreciate the support from regulators to expand our offering in this important market,” said chief executive Jane Fraser."}],[{"start":39.84,"text":"The green light comes as the US and China seek to manage strained ties after trade tensions last year erupted into a full-blown tariff war. This month, Visa also gained long-awaited approval to set up card operations in China."}],[{"start":53,"text":"Trump and Xi are set to meet for the third time this year on the sidelines of the Asia-Pacific Economic Cooperation forum in Shenzhen, southern China, next month."}],[{"start":62.5,"text":"Citi initially applied for a licence in late 2021, after China allowed foreign companies to fully own domestic securities businesses."}],[{"start":70.28,"text":"The regulatory shift was the result of a US-China trade deal during Trump’s first term. Goldman Sachs and JPMorgan took full control of their domestic businesses in 2021, fuelling optimism around a wider opening up that would include the wealth and asset management sector."}],[{"start":86.64,"text":"That prospect dimmed as economic momentum slowed in mainland China and as US-China relations soured."}],[{"start":92.72,"text":"Fraser accompanied Trump on his visit to China in May after Washington and Beijing agreed a trade war truce late last year."}],[{"start":100.26,"text":"Asset management companies that launched new wholly owned businesses in recent years have struggled to gain significant market share within China’s financial markets, where state-backed institutions dominate."}],[{"start":110.84,"text":"Jamie Dimon, CEO and chair of JPMorgan, said at a Shanghai conference in 2024 that parts of the bank’s investment banking business had “fallen off a cliff” in the country, though he this year praised China for being “more consistent” in its relations with other countries."}],[{"start":126.16,"text":"Last year, several Wall Street banks saw their net profits jump to record highs in mainland China, largely on the back of trading and brokerage."}],[{"start":134.44,"text":"Wenjie Zhang, Citi’s China country officer and banking head, said the approval would “enrich and enhance our capabilities to serve clients”."}],[{"start":141.6,"text":"“We will be focusing on building a high-calibre local team and leveraging our global network to support domestic capital market development,” he said."}],[{"start":154.68,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1792840444_8868.mp3"}