Contact: Lindsay Gilbride, 202-962-7390,

Washington, D.C., November 10, 2017— 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 the following statement today regarding an announcement by the China State Council of changes to foreign ownership limits:

“The Engage China Coalition appreciates the announcement from the China State Council that the ownership restrictions on certain segments of the financial services industry will be increased to majority control and phased out fully in a few years.  Once fully in place, this will level the playing field among local and foreign financial services firms in China, and deepen China’s integration with global financial markets.  We commend U.S. and Chinese leaders for their commitment to addressing this issue, and strengthening the bilateral U.S.- China economic relationship, more broadly.”

The Engage China Coalition includes the American Bankers Association, The American Council of Life Insurers, The American Insurance Association, BAFT, The Council of Insurance Agents and Brokers, The Financial Services Forum, The Financial Services Roundtable, FIA, The Investment Company Institute, The Insured Retirement Institute, The Property Casualty Insurers Association of America, and the Securities Industry and Financial Markets Association. 

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