Contact: Katrina Cavalli, 212.313.1181, kcavalli@sifma.org
Washington, D.C., June 1, 2016—Engage China, a coalition of 12 financial services trade associations united in support of high-level engagement between the United States and China with an emphasis on continued financial sector reform in China, submitted a letter to U.S. Treasury Secretary Jack Lew and U.S. Secretary of State John Kerry in advance of the upcoming Strategic and Economic Dialogue (S&ED). In the letter, the Coalition encourages the advancement of several priority issues to reduce barriers to trade and investment in both the U.S. and China, which would help bolster global economic growth.
In the letter, the Coalition writes: “Trade between the U.S. and China is increasingly important to both countries and to the world economy. Over the past five years, U.S. exports to China have grown at seven times the pace of U.S. exports to the rest of the world. Continued financial sector reforms and expanded market access are needed to create more opportunity for the people of China and jobs for America. The recent challenges of market volatility should not distract from China’s forward looking agenda. Indeed, reducing barriers to entry by foreign institutions can in many ways strengthen economic performance and promote rebalancing. And persisting with market liberalization will help instill market confidence. Committing to this agenda with specific pledges now and acting on those as soon as possible will yield real economic benefits to both sides.”
The Coalition’s key policy priorities in China are:
- Removing ownership limits and licensing moratoriums for financial service providers in Mainland China;
- Opening bond underwriting to foreign banks;
- Further expanding investment channels (QFII, RQFII and QDII);
- Improving regulatory and procedural transparency;
- Ensuring regulatory coherence and coordination with major jurisdictions; and
- Reinforcing the need for a risk-based system for ICT regulation.
The full letter can be viewed here.
The Engage China Coalition includes the American Bankers Association, The American Council of Life Insurers, The American Insurance Association, BAFT, The Council of Insurance Agents and Brokers, The Financial Services Forum, The Financial Services Roundtable, FIA, The Investment Company Institute, The Insured Retirement Institute, The Property Casualty Insurers Association of America, and the Securities Industry and Financial Markets Association.
Find out more at www.EngageChina.com
##