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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, submitted a letter today to U.S. Treasury Secretary Jack Lew in advance of the sixth round of the U.S.-China Strategic and Economic Dialogue (S&ED) that highlights the critical importance of a more open market and level playing field for foreign participants in China’s financial services marketplace. The letter further outlines U.S. financial services priorities for the upcoming S&ED, which is taking place in Beijing July 9th-10th.

In the letter, the groups write: “In our view, one of the most fundamental and important reforms necessary for the United States to harness the job-creation power of a rapidly growing China – and for China to achieve the important goal of a more internally driven, consumer-focused economy – is accelerated modernization and liberalization of China’s financial system.  The world’s second largest and fastest growing economy continues to be supported by a financial system inhibited by a number of policy and practice issues…By providing financial products and services that help China’s citizens and businesses invest, insure against risk, provide for retirement, raise standards of living, and consume at higher levels, foreign financial institutions – including U.S. providers – would help China develop an economy that is less dependent on exports, more consumption-driven and, therefore, more stable and sustainable over the long-term.”

The full letter can be viewed here.

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.

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