Contact: Lindsay Gilbride, 202-962-7390, lgilbride@sifma.org
Washington, D.C., November 10, 2017— Engage China, a coalition of twelve 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, released the following statement today regarding an announcement by the China State Council of changes to foreign ownership limits:
“The Engage China Coalition appreciates the announcement from the China State Council that the ownership restrictions on certain segments of the financial services industry will be increased to majority control and phased out fully in a few years. Once fully in place, this will level the playing field among local and foreign financial services firms in China, and deepen China’s integration with global financial markets. We commend U.S. and Chinese leaders for their commitment to addressing this issue, and strengthening the bilateral U.S.- China economic relationship, more broadly.”
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
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
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Contact: Katrina Cavalli, 212.313.1181, kcavalli@sifma.org
Washington, D.C., February 18, 2016 – The members of the Engage China coalition have agreed the Honorable Kenneth E. Bentsen, Jr. will take over as chairman. Mr. Bentsen is currently the president and CEO of SIFMA and the CEO of the Global Financial Markets Association (GFMA). From 1995 to 2003, he served as a Member of the United States House of Representatives from Texas, where he sat on the House Financial Services Committee (and its predecessor House Banking and Financial Services Committee), and separately on the House Budget Committee. Prior to his service in Congress, Mr. Bentsen was an investment banker at both a major Wall Street firm and a large regional firm, where he specialized in municipal and mortgage finance.
Engage China is 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. The Financial Services Forum, first under the leadership of Rob Nichols and then that of John Dearie, previously served as Chair of the coalition.
“It was an honor to chair the coalition during an historic period in our relationship with China. Ken will be a superb chairman and I am pleased to see the baton being passed to such a well qualified, deeply respected and highly skilled industry leader,” said Rob Nichols, president and CEO of American Bankers Association, who served as the founding chairman of Engage China and led the coalition from 2006-2015.
“The Engage China coalition continues to promote the importance of the U.S.-China bilateral economic relationship. Progress on financial modernization in China, including the negotiation of a high-standard U.S.-China Bilateral Investment Treaty (BIT), will strengthen the economic relationship between the U.S. and China to the benefit of both countries,” said Mr. Bentsen. “I would like to thank Rob Nichols, John Dearie and the team at the Financial Services Forum for their long and distinguished leadership of Engage China, and commend them for bringing the industry together to work towards a more balanced and mutually beneficial relationship between these two great nations.”
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.
Members of Engage China actively advocate for these reforms by hosting meetings, events, and activities for U.S. and Chinese policymakers, regulators, the media, and academic and business leaders.
Members of the coalition include: 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.
More information on Engage China can be found here: https://engagechina.com/
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FOR IMMEDIATE RELEASE:
June 22, 2015
CONTACT: Laena Fallon, 202-457-8783
Laena.Fallon@financialservicesforum.org
WASHINGTON, DC – 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 in advance of the seventh round of the U.S.-China Strategic and Economic Dialogue (S&ED) taking place in Washington, DC this week. In the letter, the Coalition described the critical importance of continued accelerated reform and modernization of China’s financial system, including a level playing field for foreign participants in China’s financial services marketplace. Additionally, Engage China called for continued coordination between the two nations as they work to achieve an important, high-level U.S.-China bilateral investment treaty (BIT), as it would yield significant benefits for both the Chinese people and for the American economy.
In the letter, the Coalition writes: “A modern and competitive financial system, one that includes full participation by non-Chinese financial services institutions – banks, insurers, reinsurers, private pension providers (enterprise and group annuity), securities, futures, and asset managers – is imperative for China to continue to meet its domestic growth needs. Increased competition from non-Chinese financial services institutions would also align with the Third Party Plenum’s pledge to allow market competition to play a ‘decisive role in the allocation of resources.’ Such competition would naturally allow for increased competition between U.S. and Chinese financial services institutions, as well as institutions from other jurisdictions, as Chinese entities seek to re-calibrate their activities to market-focused activities. This shift will undoubtedly help to drive further market-opening reforms and liberalization.”
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, FIA, Insured Retirement Institute, The Investment Company Institute, Property Casualty Insurers Association of America, and Securities Industry and Financial Markets Association.
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.
Contact: Laena Fallon, 202-457-8783, laena.fallon@financialservicesforum.org
FOR IMMEDIATE RELEASE:
WASHINGTON, DC – Engage China, a coalition of twelve 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, released this statement following the conclusion of the sixth meeting of the U.S.-China Strategic and Economic Dialogue:
“We are encouraged by U.S. and Chinese officials’ intensified commitment toward the completion of a bilateral investment treaty (BIT) between the two nations as it, along with other Chinese market-opening financial reforms, is in the interest of both countries and will yield significant benefits for both the Chinese people and for the American economy.
“However, truly meaningful progress must involve addressing the numerous restrictions that continue to face foreign institutions in China, including investment limitations, restrictions or prohibitions on business activities, licensing moratoriums, and opaque regulatory and discretionary licensing procedures. Moreover, this will help China achieve the economic reforms it set forth in the Third Party Plenum.
“By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation here in the United States.
“We commend the leadership of U.S. Treasury Secretary Lew and Chinese Vice Premier Wang Yang during the sixth round of the S&ED and encourage a continued and active dialogue with the Chinese as they work toward further market reforms.”
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
Contact: Laena Fallon, 202-457-8783, laena.fallon@financialservicesforum.org
FOR IMMEDIATE RELEASE:
WASHINGTON, DC – Engage China, a coalition of twelve 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 today to U.S. Treasury Secretary Jack Lew in advance of the sixth round of the U.S.-China Strategic and Economic Dialogue (S&ED) that highlights the critical importance of a more open market and level playing field for foreign participants in China’s financial services marketplace. The letter further outlines U.S. financial services priorities for the upcoming S&ED, which is taking place in Beijing July 9th-10th.
In the letter, the groups write: “In our view, one of the most fundamental and important reforms necessary for the United States to harness the job-creation power of a rapidly growing China – and for China to achieve the important goal of a more internally driven, consumer-focused economy – is accelerated modernization and liberalization of China’s financial system. The world’s second largest and fastest growing economy continues to be supported by a financial system inhibited by a number of policy and practice issues…By providing financial products and services that help China’s citizens and businesses invest, insure against risk, provide for retirement, raise standards of living, and consume at higher levels, foreign financial institutions – including U.S. providers – would help China develop an economy that is less dependent on exports, more consumption-driven and, therefore, more stable and sustainable over the long-term.”
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
Contact: Laena Fallon, 202-457-8783, laena.fallon@financialservicesforum.org
FOR IMMEDIATE RELEASE:
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, released the following statement in advance of the Senate Foreign Relations Committee’s confirmation hearing of U.S. Senator Max Baucus (D-MT) to serve as U.S. Ambassador to China:
“Engage China applauds the nomination of U.S. Senator Max Baucus as the next U.S. Ambassador to China. Senator Baucus brings a wealth of experience and a deep understanding of the issues and complexities of the U.S.-China bilateral relationship, one of the most important bilateral economic relationships in the world.
“Serving as a U.S. Senator since 1978, and as current chairman of the Senate Finance Committee, which has jurisdiction over international trade, Senator Baucus has extensive knowledge of China. His work in the Senate on trade will be critical in advancing an active trade and economic partnership between China and the U.S.
“One of the most critical elements of our U.S.-China relationship is financial sector reform and modernization, specifically with an emphasis on greater market-opening reforms in China, which would enable U.S. financial services companies to compete on a level playing field. Greater participation by foreign banking, insurance, futures, and securities firms in China’s financial services marketplace will help China achieve its economic goal of building a more services-based, consumer-driven economy, as well as bring world-class expertise and best practices with regard to products and services, credit analysis, risk management, internal controls and corporate governance. By providing the financial products and services that China’s citizens and businesses need to save, invest, insure against risk, and consume at higher levels, U.S. financial institutions can help expand a vast new market for American-made products and services, contributing importantly to faster economic growth and job creation here in the Unites States.
“The Engage China Coalition urges the Senate to confirm Senator Baucus as U.S. Ambassador to China, and looks forward to working with him in this vital role.”
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
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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
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Contact: Laena Fallon, 202-457-8783, laena.fallon@financialservicesforum.org
WASHINGTON, DC – Engage China, a coalition of twelve 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, released the following statement in advance of the fifth round of the U.S.-China Strategic and Economic Dialogue (S&ED) that will be held in Washington, DC July 10th-12th:
“The Engage China Coalition believes the Strategic and Economic Dialogue is a vital forum for U.S. and Chinese leaders to examine and discuss their important bilateral economic relationship, including continued work toward market-opening reforms of China’s financial markets. During the S&ED talks we respectfully urge U.S. and Chinese leaders to keep Chinese financial reform a top priority item as access to China’s economy presents a great opportunity for businesses and workers, as well as increased prospects for job creation and economic growth.
“Greater participation by international financial institutions, banking, insurance, futures, and securities firms in China’s financial service marketplace will help China achieve its economic goal of building a more services-based, consumer-driven economy as well as bring world-class expertise and best practices with regard to products and services, credit analysis, risk management, internal controls and corporate governance. Enhanced capital markets will provide healthy competition to facilitate the development and growth of alternative retail savings products such as mutual funds, pensions, and life insurance products. By broadening the range of funding alternatives for emerging companies, more developed capital markets would greatly enhance the flexibility and strength of the Chinese economy.
“Engage China believes that continued engagement and a coordinated strategy between China and the U.S. are critical to achieve a level playing field and to increase economic opportunities for both countries. We commend the leadership of Treasury Secretary Jack Lew and Chinese Vice Premier Wang Yang and urge them to discuss these important opportunities during the S&ED. We wish both parties successful talks during the S&ED and look forward to hearing of the outcomes.
“The rational for the creation of the Strategic Economic Dialogue (SED) and the expansion into S&ED was that coordination between the world’s two largest economies demanded a regular high-level dialogue to discuss common problems and find win-win solutions. Key to this was and remains rebalancing the bilateral trade relationship by increasing Chinese consumption and increasing American exports in sectors where we are clear global leaders, such as financial services. This agenda must remain a central focus of both markets if we are to work together to not only make our economic relationship fair, but sustainable.”
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
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