Press Release: Engage China Applauds Senator Baucus for His Call to Continue a High-Level, Economic Dialogue with China
WASHINGTON, DC - Engage China, a coalition of eleven financial services trade associations united in support of high-level engagement with China, with an emphasis on continued financial sector reform in China, today released the following statement regarding Senator Max Baucus's comments at this morning's Senate confirmation hearing for Timothy Geithner.
"Engage China commends Senator Max Baucus for his leadership in recognizing the critical importance of open engagement with the world economy, particularly China. The Senator's call for quick action to continue the Strategic Economic Dialogue (SED), or a similar high-level dialogue with China, demonstrates his understanding of the importance of this critical relationship to U.S. economic growth and job creation.
"The economic relationship between the U.S. and China is the most important bilateral relationship in the world today, accounting for more than half of global economic growth in recent years. China is by far the fastest growing market for U.S. exports, growing at six times the rate of U.S. exports to the rest of the world between 2000 and 2007. The current global economic crisis vividly underscores the interconnectivity of the world's first and third largest economies, the importance of avoiding protectionist measures, and the clear value to both nations of continued high-level communication between the U.S. and China.
"A dialogue similar to the SED greatly enhances economic cooperation between the U.S. and China - to the betterment of the people in both nations. It provides a vital forum for leaders to address the major economic issues facing both nations and to discuss further modernization and reform of China's financial markets.
"Engage China joins Senator Baucus in his call for the Obama Administration to continue a high-level, economic-focused dialogue with China. "
The Engage China coalition is made up of the American Bankers Association, the American Council of Life Insurers, the American Insurance Association, the Council of Insurance Agents & Brokers, the Bankers' Association for Finance & Trade, the Financial Services Forum, the Financial Services Roundtable, the Futures Industry Association, the Investment Company Institute, Property Casualty Insurers Association of America and the Securities Industry and Financial Markets Association.
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