WASHINGTON, DC — Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) to be held in Washington, DC May 9th – 10th:
“The Engage China Coalition believes the Strategic and Economic Dialogue (S&ED) is an important venue for addressing a range of issues relative to the U.S.-China economic relationship including ensuring a level playing field and the greater opening of China’s financial markets to American financial institutions. As the United States strives to achieve its goals of strong, sustainable job growth, and a doubling of U.S. exports within the next five years, productive engagement with China is essential. The S&ED’s annual high-level discussions are critical to fostering a prosperous and better balanced bilateral relationship that serves the shared economic interests of both nations and their people.
While in Washington, we urge leaders to focus their talks on greater market-opening reforms in China’s financial services sector. Such reforms would level the playing field and give foreign financial services companies greater access to China’s growing consumer base and create jobs for American workers. Improved market access in China for foreign financial institutions would bring world-class expertise and best practices with regard to products and services, technology, credit analysis, risk management and loss prevention, internal controls, and corporate governance. These benefits will contribute substantially to the balanced economic growth, job creation, and the further structural reforms China seeks and needs while also benefiting the economies of other nations. Fair and competitive access to China’s fast-growing middle class and business sector represents an enormous commercial opportunity for American manufacturers, farmers and ranchers, and service providers, with major implications for U.S. economic growth and job creation.
We commend the leadership and support of Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo and wish them successful talks during the S&ED.”
Contact: Jen Scungio, 202-457-8759, firstname.lastname@example.org