Alan Greenspan, Chairman of the Board of Governors of the Federal Reserve System (the central bank of the United States), visited Beijing May 14-16 at the invitation of the People's Bank of China Governor, Dai Xianglong. This visit was part of an ongoing process of cooperation between the two central banks; Governor Dai and other senior officials from the People's Bank of China (PBOC) have frequently visited the Federal Reserve Board and other parts of the Federal Reserve System in recent years. Chairman Greenspan previously visited China and the PBOC in October, 1994. During his latest visit, Chairman Greenspan met with President Jiang Zemin, Vice Premier Zhu Rongji, Finance Minister Liu Zhongli, State Planning Commission Chairman Chen Jinhua, as well as with Governor Dai Xianglong and his colleagues at the PBOC. He also met with Chinese economists and U.S. business people in China.

During his visit, Chairman Greenspan conducted an extensive exchange of views concerning developments in the Chinese and U.S. economies, with an emphasis on financial and central banking issues. The visit also provided an opportunity to strengthen cooperative working relationships between the People's Bank of China and the Federal Reserve System.

Chairman Greenspan was accompanied by Robert T. Parry, President of the Federal Reserve Bank of San Francisco, and Edwin M. Truman, Staff Director, Division of International Finance, Board of Governors of the Federal Reserve System.