BANGKOK – US officials press Chinese government on market access issues mastercard corporation and Citigroup Inc. At least two bilateral talks were held with the Chinese side in Bangkok this week, according to US Treasury officials.
A Treasury Department delegation led by Deputy Secretary Francis Brooke held bilateral talks this week with officials from the People’s Bank of China and the Treasury Department on the sidelines of the Group of 20 (G20) financial meeting and the IMF/World Bank annual meeting, the officials said, speaking on condition of anonymity to discuss the private meeting.
The talks also included market access for U.S. companies, including Mastercard. visa The official added that the regulatory approval was part of an agreement reached during talks between President Donald Trump and President Xi Jinping during their state visit to Washington last month.
The official said discussions continued on the implementation of these agreements at a sideline meeting in Bangkok.
The People’s Bank of China, the Financial Supervisory Authority of China, the China Securities Regulatory Commission, the Chinese embassies in Singapore and Thailand, the US Treasury Press Office, and Visa did not immediately respond to CNBC’s requests for comment. Citigroup and Mastercard declined to comment.
This development follows China’s approval on October 13 for Visa to begin preparations for a wholly-owned domestic card clearing business. According to the People’s Bank of China, Visa will have up to one year to prepare before applying for a business license.
Since 2018, China has opened up much of its financial sector to foreign companies, gradually removing caps on foreign investment in services such as securities, futures and fund management. Cross-border capital flows remain restricted, and domestic companies with state support remain dominant in payments.
Mastercard currently operates RMB card payments in China through a local joint venture with NetsUnion Clearing Corporation, which began operations in 2024. The pending approval will allow it to operate as an independent entity, officials said.
Citigroup, which employs dozens of people in its China unit, is seeking a wholly owned securities license to conduct A-share brokerage, underwriting, research and principal trading operations in the onshore market, two people familiar with the industry said on condition of anonymity because the matter is private.
One of the two people close to Citigroup said the bank plans to increase its headcount in China securities to about 100 people.
The bank applied in late 2021, and Reuters reported last month that approval could come soon.
President Trump and President Xi are scheduled to hold their third face-to-face meeting this year in Shenzhen, China, ahead of the Asia-Pacific Economic Cooperation meeting in November.
“This move suggests that the U.S.-China trade environment remains favorable, and Beijing is keen to maintain momentum,” said Dan Wang, China director at Eurasia Group.
He said the licensing to U.S. financial institutions was a “limited concession” to market access, but it signaled China’s continued opening up and “this should marginally increase investor confidence in Chinese assets.”
