Contact: Laena Fallon, 202-457-8783, laena.fallon@financialservicesforum.org
FOR IMMEDIATE RELEASE:
WASHINGTON, DC — The Engage China Coalition[1] submitted a letter today to President Barack Obama that strongly encourages him to push for a more open market and level playing field for foreign participants in China’s financial services marketplace during his meeting with Chinese President Xi Jinping and trip to Beijing on November 10-12. The letter further outlines U.S. financial services’ priorities to achieve financial reforms in China, including the negotiation of a high-standard U.S.-China Bilateral Investment Treaty (BIT), and calls on President Obama to raise the mounting urgency of addressing threats to cybersecurity with President Xi.
In the letter, the groups write: “As part of the Third Party Plenum, China recognized the need to reform its financial system and has taken steps to reform and accelerate modernization and liberalization. A BIT can be seen as analogous to China’s 2001 accession to the WTO, which spurred significant market-opening reforms and accelerated economic growth. A modern and competitive financial system, one that includes full participation by non-Chinese banks, is imperative for China to continue to meet its domestic growth needs.”
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, The Council of Insurance Agents & Brokers, The Financial Services Forum, The Financial Services Roundtable, The Futures Industry Association, Insured Retirement Institute, The Investment Company Institute, Property Casualty Insurers Association of America, and Securities Industry and Financial Markets Association.
Find out more at www.EngageChina.com
[1] ENGAGE CHINA is a coalition of twelve financial services trade associations united in our view that active engagement and 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.
