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, submitted a letter today to Treasury Secretary Jack Lew that strongly encourages him to ensure that Chinese financial sector reform and modernization and efforts to level the playing field for U.S. financial services firms operating in China are discussed during his trip to Asia this week.
In the letter, the groups write: “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.”
The full letter can be viewed here.
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