Contact: Laena Fallon, 202-457-8783, email@example.com
FOR IMMEDIATE RELEASE:
WASHINGTON, DC – Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement between the United States and China with an emphasis on continued financial sector reform in China, released this statement following the conclusion of the sixth meeting of the U.S.-China Strategic and Economic Dialogue:
“We are encouraged by U.S. and Chinese officials’ intensified commitment toward the completion of a bilateral investment treaty (BIT) between the two nations as it, along with other Chinese market-opening financial reforms, is in the interest of both countries and will yield significant benefits for both the Chinese people and for the American economy.
“However, truly meaningful progress must involve addressing the numerous restrictions that continue to face foreign institutions in China, including investment limitations, restrictions or prohibitions on business activities, licensing moratoriums, and opaque regulatory and discretionary licensing procedures. Moreover, this will help China achieve the economic reforms it set forth in the Third Party Plenum.
“By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation here in the United States.
“We commend the leadership of U.S. Treasury Secretary Lew and Chinese Vice Premier Wang Yang during the sixth round of the S&ED and encourage a continued and active dialogue with the Chinese as they work toward further market reforms.”
The Engage China Coalition includes the American Bankers Association, the American Council of Life Insurers, American Insurance Association, BAFT, The Council of Insurance Agents & Brokers, The Financial Services Forum, The Financial Services Roundtable, The Futures Industry Association, Insured Retirement Institute, The Investment Company Institute, Property Casualty Insurers Association of America, and Securities Industry and Financial Markets Association.
Find out more at www.EngageChina.com