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 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.

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