This week on the Caixin-Sinica Business Brief: China and the new U.S. administration under Biden finish their first face-to-face meetings in Alaska; Pinduoduo’s chairman announces his departure from the company; and Beijing and Shenzhen begin a trial program to manage multinationals’ cross-border use of funds.

In addition, we speak with Caixin Global financial news reporter Tang Ziyi about Vanguard, one of the world’s largest asset managers, and its decision to begin a joint venture with Ant Group.