Party Secretary Li meets Warburg Pincus chief

Shanghai Party Secretary Li Qiang met Timothy F. Geithner, president of Warburg Pincus, an American private equity firm, in Shanghai on Friday.

With the deepening of the construction of an international financial center in Shanghai, the city will provide new development opportunities for international financial and investment organizations of all kinds, Li said. The city hopes private equity firms like Warburg Pincus can play a bigger role in asset management with their advantages and professionalism to assist in the high quality development of the economy, he added.

“We will spare no effort to build a world-class business environment and support enterprises from home and abroad to realize better development in Shanghai,” Li pledged.

Warburg Pincus has been in the Chinese market for 25 years, with continuous investment in many industrial sectors, Geithner said. The company has confidence in the economic potential of the Chinese economy despite global uncertainties, and Warburg Pincus will continue to further invest in Shanghai and China, especially in innovative enterprises, the former United States treasury secretary said.

Zhuge Yujie, secretary general of the CPC Shanghai Committee, attended the meeting.