China’s vice premier meets Blackstone chairman in Beijing

Audio By Carbonatix

Enlarge

HONG KONG (Reuters) – China’s Vice Premier He Lifeng met Blackstone’s Chairman Stephen Schwarzman in Beijing, the official Xinhua news agency reported on Tuesday, stating that the Chinese side said it welcomed more U.S.-funded enterprises and long-term capital.

China’s He said that the country’s economic development was improving and that prospects were brighter.

“We welcome more U.S.-funded enterprises and long-term capital, including Blackstone, to continue to deepen mutually beneficial cooperation with China and play a greater role in promoting the healthy development of China-US economic and trade relations,” Xinhua quoted the vice premier as saying.

Schwarzman said that Blackstone, the world’s largest alternative asset manager, was “full of confidence in China’s economic development” and willing to “continue to cultivate the Chinese market and play an active role in promoting U.S.-China economic and trade cooperation.”

Blackstone is raising at least $10 billion in a new Asia private equity fund, which primarily focuses on India, Reuters reported in October. China would not be among the fund’s focus markets, sources told Reuters at the time.

(Reporting by Farah Master and the Beijing newsroom; additional reporting by Kane Wu in Hong Kong; Editing by Christopher Cushing and Kate Mayberry)