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.
