The Engage China Coalition sent a letter to Vice President Joe Biden ahead of his December trip to Beijing, which called attention to the critical importance of greater foreign participation in China’s financial services marketplace.
Dear Secretary Lew: The ENGAGE CHINA coalition writes to you in advance of your upcoming meetings in Beijing to express concern over the inability of our members to compete in China on a level playing field. Though China has undertaken recent reforms such as the establishment of the Shanghai Free Trade Zone and the expansion of the R-QFII program, our members continue to face numerous obstacles, including equity cap limitations, restrictions or prohibitions on business activities, licensing moratoriums, and opaque regulatory and discretionary licensing procedures. We urge you to raise the need for continued financial sector reform and modernization during your meetings this week. Download pdf
Dear President Obama, The ENGAGE CHINA coalition thanks you for your continuing efforts to strengthen one of the most important bilateral relationships in the world today – the U.S.-China economic relationship. In anticipation of your meeting today with President Xi Jinping, we write to call your attention to the critical importance of greater foreign participation in China’s financial services marketplace. In particular, we respectfully urge you to raise concerns about the unlevel playing field that US financial services firms face in China, and the need for continued modernization of China’s capital markets. Download pdf
Dear President Xi, The ENGAGE CHINA coalition congratulates you on your recent elevation to President of the People’s Republic of China and extends our very best wishes for your success. The coalition also thanks you for your continuing leadership to strengthen the relationship between the United States and China. ENGAGE CHINA is a coalition of twelve financial services trade associations united in our view that active engagement and cooperation between the United States and China remains the most constructive means of ensuring that the citizens of both nations mutually benefit from the growing bilateral economic relationship. Download pdf
Letter to Treasury Secretary Geithner on Upcoming U.S.-China Strategic & Economic Dialogue in Beijing
Dear Mr. Secretary, In advance of the U.S.-China 2012 Strategic & Economic Dialogue (S&ED), the undersigned members of the ENGAGE CHINA coalition and The U.S. Chamber of Commerce write to respectfully urge you to ensure that continued financial reform and modernization in China– including greater foreign participation – will be a priority item on the S&ED’s agenda. We are strongly of the view that a sharp focus on continued reform is highly appropriate, given the importance of ongoing reform to China’s long-term growth prospects – and given the importance of a growing China to American manufacturers, service providers, and farmers. Download pdf
The ENGAGE CHINA coalition thanks you for your continuing leadership to strengthen the relationship between the United States and China. We welcome you to the United States and hope that your visit will be informative and enjoyable. Through your leadership, we also hope that your visit will provide the opportunity to reinvigorate discussions on financial services in the Strategic & Economic Dialogue. Download pdf
The undersigned members of the ENGAGE CHINA coalition write to you ahead of your trip to China to applaud the Administration's ongoning commitment to build upon the critical U.S.-China economic partnership — one of the most important bilateral relationships in the world. Download pdf
Dear Mr. President, The undersigned members of the ENGAGE CHINA coalition wish to join you in welcoming President Hu Jintao to the United States of America. We commend your Administration for its ongoing commitment to build upon the critica U.S.-China economic partnership — one of themost important bilateral relationships in the world. Download pdf
Dear Mr. Chairman and Ranking Member Camp: On behalf of the undersigned organizations and their members, we write to express our strong opposition to H.R. 2378, the Currency Reform for Fair Trade Act, which seeks to address concerns regarding the value of China's currency. We understand that this measure will be discussed at the Ways & Means Committee's September 15th hearing on China's exchange rate policies. Read more...
Dear Speaker Pelosi and Majority Leader Hoyer: On behalf of the undersigned organizations, we write to urge you to reject the inclusion of legislation to address concerns regarding the value of China's currency in the package of manufacturing bills you plan to bring before the House of Representatives next week. H.R. 2378, the Currency Reform for Fair Trade Act, will not bring manufacturing jobs back to the United States. Instead, the bill will likely result in the loss of jobs and market share in many competitive US agricultural, manufacturing and service industries that either operate in, or export to China, and/or rely on global supply chains for importing and exporting - all of which are vital to US business and the US economy. Read more...