Citi China to cut costs, diversify

SHANGHAI: Citigroup Inc is looking to generate a steady and balanced growth in China this year as its global business struggles in the worldwide financial turmoil.

In an exclusive interview with China Daily yesterday, the US financial conglomerate's China subsidiary chairman Andrew Au said Citi China will focus on improving productivity, lowering costs, engage in more profitable investments, and diversify product lines this year.

The bank will also open its third micro lending company in Northeast China later this year, said Au.