Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.
China has long wanted global investors' money to bolster the prominence of its domestic stock market. Giving foreigners that access hasn't happened overnight. Why are Wall Street firms still trying?
Global investment firms are eyeing mainland China not just for its tech stocks, but for the millions of affluent people who could become their clients.
Mainland Chinese with more than $125,000 in bankable assets hold a combined $27 trillion in wealth, according to financial analytics firm Crisil Coalition Greenwich. And the millionaire population has surged — to nearly 4 million, up from 1 million a decade ago.
On the heels of getting Beijing's approval to establish a wholly-owned securities company, Citi's CEO Jane Fraser is kicking off the U.S. bank's annual China conference this week in Shanghai. It's the latest U.S. financial firm to benefit from China's pledge after the Trump-Xi summit in September to approve applications from all foreign financial institutions to operate in the country.