Financial Groups Call on President Obama To Continue U.S.-China Dialogue in Crisis
Engage China, a coalition of financial services groups, called on the Obama administration to continue a high-level dialogue with China such as the Bush administration's U.S.-China Strategic Economic Dialogue, in a letter dated Feb. 19.
Continued modernization and reform of China's underdeveloped financial sector is critical to China achieving its economic goals and building a more service- and consumer-driven economy, the coalition said in the letter sent to President Obama. The group includes the American Bankers Association, Council of Insurance Agents & Brokers, Futures Industry Association, and others.
The letter said that the global financial crisis could offer a unique opportunity for the United States and China to have a more balanced, durable, and mutually beneficial relationship. How the U.S.-China relationship is managed will determine the growth and vitality of the U.S. global economy into the future.
While the attention of the Obama administration had been properly focused on the domestic economy, the coalition said, the continuation of a senior-level dialogue between U.S. and Chinese officials was critical to a balanced bilateral relationship that served the economic interests of both nations.
The SED was headed by former Treasury Secretary Henry Paulson under the Bush administration, with high-level meetings taking place every six months since its launch in September 2006.
It is not clear whether the Treasury Department will continue to lead the high-level SED given its focus on fixing the financial crisis in the United States and Secretary of State Hillary Clinton's interest in Chinese policy.
By Amy Tsui