Contact: Jen Scungio, 202-457-8759, jen.scungio@financialservicesforum.org

WASHINGTON, DC – Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement following the conclusion of the 2012 U.S.-China Strategic & Economic Dialogue (S&ED) in Beijing:

“We are very pleased that financial issues were a significant focus of the 2012 S&ED discussions and that the dialogue’s outcomes include increasing economic reforms and market access that will help level the competitive playing field for American manufacturers, service providers, and farmers.  Expanded access to the Chinese market for U.S. financial services firms will yield great benefits for both the U.S. and the Chinese economies.  The world-class expertise that global financial services institutions bring will help expand the availability of capital and provide Chinese consumers greater access to a range of financial-services products not currently available.

“Reform and modernization of China’s financial system – including greater foreign participation – must remain a key area of focus if genuine progress is to be made on reducing the trade imbalance and achieving a more market-determined yuan.  The outcomes released today offer a promising hope toward more market opening reforms and opportunities for American businesses.

“We commend Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Chinese Vice Premier Wang Qishan, and Chinese State Councilor Dai Bingguo for the progress achieved in this round of the S&ED and remain hopeful that further progress will be made in the area of financial services in future rounds.”

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

Find out more at www.EngageChina.com

Contact: Jen Scungio: (202) 457-8759, jen.scungio@financialservicesforum.org

WASHINGTON, DC – Engage China, a coalition of 12 financial services trade associations united in support of high-level engagement with China with an emphasis on greater market access and continued financial sector reform in China, and the U.S. Chamber of Commerce submitted a letter yesterday to Treasury Secretary Timothy Geithner that strongly encourages him to ensure that continued financial reform and modernization in China – including greater foreign participation – will be a priority item at the upcoming U.S.-China Strategic and Economic Dialogue (S&ED) on May 3^rd-4^th. The letter further outlines U.S. financial services priorities for the S&ED.

In their letter, the groups write: “We believe a continued and coordinated Administration strategy is critical if U.S. financial services firms are to achieve a level playing field and increased opportunities in China.”

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

Find out more at www.EngageChina.com

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Contact: Jen Scungio, 202-457-8759

WASHINGTON, DC – Engage China, a coalition of 12 financial services trade associations united in support of high-level engagement with China with an emphasis on greater market access and continued financial sector reform in China, released the following statement on Treasury Secretary Timothy Geithner’s upcoming trip to Beijing, China:

“Engage China supports the Administration’s efforts to further develop and strengthen the economic relationship between the United States and China, as this partnership is one of the most important bilateral relationships in the world. Now more than ever, U.S. and Chinese leaders must work together to address the current challenges that face the global economy.

“Secretary Geithner’s upcoming trip provides an important opportunity to discuss the benefits that can be achieved through modernization and greater opening of China’s financial markets to global financial institutions, which China has pledged to act on as a result of the 3^rd meeting of the U.S.-China Strategic and Economic Dialogue (S&ED) in Washington last May. Such reforms would level the playing field and give foreign financial services companies greater access to China’s growing consumer base and create jobs for American workers.

“Greater participation by U.S. financial institutions, banking, insurance, and securities firms in China’s financial sector will help China achieve its economic goal of building a more services-based, consumer-driven economy. By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation here in the Unites States. The coalition respectfully urges the Secretary to address the mutual benefits associated with these critical issues during his meeting with Premier Wen Jiabao, Vice President Xi Jinping and Vice Premier Wang Qishan.

“Engage China commends Secretary Geithner’s work to strengthen the U.S.-China relationship and wishes him a sucessful and productive trip.”

Contact: Jen Scungio, 202-457-8759

WASHINGTON, DC – Engage China, a coalition of 12 financial services trade associations united in support of high-level engagement with China with an emphasis on greater market access and continued financial sector reform in China, released the following statement on the confirmation of Commerce Secretary Gary Locke as Ambassador to China:

“Engage China applauds the confirmation of Secretary Gary Locke as U.S. Ambassador to China. The U.S.-China relationship is arguably the most important bilateral economic relationship in the world.  How this critical relationship is managed will determine the vitality of the U.S. and global economies in the 21st century.

“Engage China respectfully urges Ambassador Locke to push for greater market-opening reforms in China.  China’s growing middle class represents an enormous commercial opportunity for U.S. manufacturers, service providers, farmers, and ranchers.

“Additionally, greater participation by U.S. financial institutions in China’s financial sector will help China achieve its economic goal of building a more services-based, consumer-driven economy. By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation here in the Unites States.

“Through his service as Commerce Secretary and as a former Governor of the state of Washington, Ambassador Locke brings a deep understanding of the U.S.-China relationship and the full range of critical issues.

“Members of the Engage China Coalition congratulate Ambassador Locke, extend our best wishes, and look forward to working with him in his new role.”

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Contact: Jen Scungio, 202-457-8759

WASHINGTON, DC – Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement following the conclusion of the 2011 Strategic & Economic Dialogue:

“We are very pleased that financial issues were part of the 2011 Strategic & Economic Dialogue discussions.  That said, reform and modernization of China’s financial system – including greater foreign participation – must remain a key area of focus if genuine progress is to be made on reducing the trade imbalance and achieving a more market-determined yuan.  We applaud the progress announced today with regard to further financial liberalization.  Truly meaningful progress, however, must entail the elimination of ownership limits for U.S. financial institutions operating in China; non-discriminatory national treatment with regard to licensing, corporate form, permitted products and services, and regulation and supervision; and greater regulatory and procedural transparency.  We commend Secretary Geithner and his team for the progress achieved in this round of the S&ED, and look forward to working with the Administration to ensure further liberalization in future rounds.”

WASHINGTON, DC — Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) to be held in Washington, DC May 9th – 10th:

“The Engage China Coalition believes the Strategic and Economic Dialogue (S&ED) is an important venue for addressing a range of issues relative to the U.S.-China economic relationship including ensuring a level playing field and the greater opening of China’s financial markets to American financial institutions.  As the United States strives to achieve its goals of strong, sustainable job growth, and a doubling of U.S. exports within the next five years, productive engagement with China is essential.  The S&ED’s annual high-level discussions are critical to fostering a prosperous and better balanced bilateral relationship that serves the shared economic interests of both nations and their people.

While in Washington, we urge leaders to focus their talks on greater market-opening reforms in China’s financial services sector.  Such reforms would level the playing field and give foreign financial services companies greater access to China’s growing consumer base and create jobs for American workers.  Improved market access in China for foreign financial institutions would bring world-class expertise and best practices with regard to products and services, technology, credit analysis, risk management and loss prevention, internal controls, and corporate governance. These benefits will contribute substantially to the balanced economic growth, job creation, and the further structural reforms China seeks and needs while also benefiting the economies of other nations.  Fair and competitive access to China’s fast-growing middle class and business sector represents an enormous commercial opportunity for American manufacturers, farmers and ranchers, and service providers, with major implications for U.S. economic growth and job creation.

We commend the leadership and support of Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo and wish them successful talks during the S&ED.”

Contact: Jen Scungio, 202-457-8759, jen.scungio@financialservicesforum.org

WASHINGTON, DC — Engage China, a coalition of 12 financial services trade associations united in support of high-level engagement with China with an emphasis on greater market access and continued financial sector reform in China, released the following statement on the nomination of Commerce Secretary Gary Locke as Ambassador to China:

“Engage China applauds the nomination of Secretary Gary Locke as U.S. Ambassador to China. Mr. Locke brings a unique understanding of China and the complexities of this bilateral relationship.

“The U.S.-China relationship is one of the most important bilateral economic relationships in the world. How this critical relationship is managed will help determine the vitality of the U.S. and global economies in the 21st century.

“As former Governor of the state of Washington, one of the U.S.’s most active exporters, Secretary Locke has a deep understanding of the issues critical to the U.S.-China relationship. His experiences as Commerce Secretary will also be valuable to this position.

“Engage China respectfully urges Mr. Locke, if confirmed, to push for greater market-opening reforms in China. China’s growing middle class represents an enormous commercial opportunity for U.S. manufacturers, service providers, farmers, and ranchers. As we strive to achieve the goals of faster economic growth, strong, sustainable job growth, and a doubling of U.S. exports within five years, greater access to the Chinese marketplace is essential. In particular, greater participation by U.S. financial institutions in China’s financial sector will help China achieve her economic goals of building a more services-based, consumer-driven economy. If given the opportunity to provide the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation.

“Members of the Engage China coalition urge Senators to move for swift confirmation of Secretary Locke to this important post.”

Delegation will meet with government and business leaders, deliver speech, and hold press roundtable in Beijing

WASHINGTON, D.C. – Representatives of the Engage China Coalition will visit Beijing, Shanghai, and Hong Kong, Monday, January 24 through Friday, January 28 to meet with Chinese government and business leaders. During meetings with regulators and ministry officials with oversight of the economy and financial sector, the coalition will encourage continued financial sector reforms in China, encourage the Strategic & Economic Dialogue (S&ED) process, and work to strengthen economic ties between the two nations.

Engage China is a coalition of twelve leading financial services trade associations united in our view that active 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. In particular, the coalition is strongly of the view that continued reform and modernization of China’s financial sector is critical to China achieving its economic goals of maintaining high rates of growth and job creation, building a more services-based, consumer-driven economy, reducing poverty, and ensuring a more equitable distribution of opportunity and prosperity.

While in China, the coalition members will reinforce the view that accelerated progress toward greater openness and modernization of China’s financial sector is the key to more diversified and sustainable long-term growth of China’s economy and to resolving certain outstanding issues that have complicated the U.S.-China economic relationship, such as the trade imbalance and China’s currency policy. As we strive to achieve our goals of strong, sustainable job growth, and a doubling of U.S. exports within the next five years, productive engagement with China is essential. China’s growing middle class represents many opportunities to U.S. By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions are helping to expand a vast new market for American-made products and help create jobs for American workers.

While in Beijing, Forum President and Chief Operating Officer and Engage China Chair Rob Nichols will deliver a speech at the China International Futures CO. (CIFCO) on Wednesday, January 26th at 3:30 p.m. Mr. Nichols’ speech will focus on ways to build upon the critical U.S.-China economic partnership – one of the most important bilateral relationships in the world. His speech also will touch upon ensuring greater market-opening reforms in China’s financial services, which will benefit China and the U.S.

Immediately following the speech at 4:30 p.m., the Engage China delegation will hold a roundtable discussion with members of the local and foreign press. Those who wish to attend the press roundtable should contact Ellen Liu at 86-158-0137-3981,Liu11613@hotmail.com

Details:
What: Engage China Coalition Speech by Forum President and COO Rob Nichols, followed by a press roundtable
When: Wednesday, January 26, 2011
Time: Speech: 3 p.m., Press Roundtable: 4:30 p.m.
Where: CIFCO, No. 16 Guanghua Road, Chaoyang District, Beijing, China

WASHINGTON, D.C. – 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, released the following statement at the close of the U.S.-China Strategic and Economic Dialogue (S&ED) held in Beijing May 24th-25th:

“The Engage China Coalition encourages active cooperation and dialogue between the United States and China, which we view as the most constructive means to ensure that the citizens of both nations mutually benefit from the growing bilateral economic relationship. The S&ED provides a vital forum for leaders to address the major economic issues facing both nations and to work toward further modernization and reform of China’s financial markets.

“After reviewing the fact sheets released by policymakers at the close of the talks, Engage China appreciates the renewal of commitments to promote a strong economic recovery and more balanced growth; to promote more resilient, open, and market-oriented financial systems; and to create opportunities for U.S. financial services firms to participate in, and facilitate China’s continued development.

“Our members are of the view, however, that opportunities were missed to advance these important goals. Given the annual nature of the talks, the S&ED provided a valuable and rare forum to address concrete steps that could assist in the global economic recovery, create jobs in America and China, and help China achieve its stated goal of a more balanced economy.

“Opening China’s financial sector to greater participation by foreign financial services firms is the fastest way for China to develop the modern financial system it needs to achieve its goals. Foreign financial institutions would bring world-class expertise and best practices with regard to products and services, technology, credit analysis, risk management, internal controls, and corporate governance, and would contribute to economic growth, job creation, and the further structural reforms China seeks.

“Reform of China’s financial sector should focus on achieving the following core objectives: (1) eliminating barriers to foreign participation in China’s financial sector; (2) eliminating limits on foreign investment in Chinese financial entities, corporate forms of choice, geographic expansion, and product offerings; (3) ensuring that foreign financial sector participants and investors receive the same treatment from regulators and other authorities as domestic participants and investors; and (4) improving regulatory and procedural transparency.

“Fair and competitive access to China’s fast-growing economy also presents a great opportunity for American businesses and workers. Progress on this front would help spur U.S. economic growth and create jobs. It also will play a critical role in achieving President Obama’s goal of doubling U.S. exports within the next five years, as he stated in his most recent State of the Union address.

“We commend Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo for their leadership on this vital dialogue, and encourage them to continue to work for modernization of China’s financial sector.”

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, released the following statement in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) to be held in Beijing:

“The Engage China Coalition encourages active cooperation and dialogue between the United States and China, which we view as the most constructive means to ensure that the citizens of both nations mutually benefit from the growing bilateral economic relationship. The S&ED provides a vital forum for leaders to address the major economic issues facing both nations and to work towards further modernization and reform of China’s financial markets.

“Opening China’s financial sector to greater participation by foreign financial services firms is the fastest way for China to develop the modern financial system it needs to achieve its goals. Foreign financial institutions would bring world-class expertise and best practices with regard to products and services, technology, credit analysis, risk management, internal controls, and corporate governance, and would contribute to economic growth, job creation, and the further structural reforms China seeks.

“Fair and competitive access to China’s fast-growing economy also presents a great opportunity for American businesses and workers. Progress on this front would help spur U.S. economic growth and create jobs. It also will play a critical role in achieving President Obama’s goal of doubling U.S. exports within the next five years, as he stated in his most recent State of the Union address.

“Treasury Secretary Timothy Geithner echoed this important message in a speech last week in Tacoma, WA, where he said he will urge China to ensure a ‘level playing field’. ‘Our agenda in Beijing will focus on reducing the challenges faced by American companies trying to export to China and to produce in China,’ Geithner added.

“As the U.S. and China discuss exchange rates, another fundamental economic issue that must be addressed is the continued reduction and elimination of barriers that foreign financial services firms encounter in China. Such action is integral to the development of a modern financial system which will serve as the platform to help promote more balanced growth in China and in the world economy.

“We commend Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo for their leadership on this vital dialogue and wish them successful talks.”