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 on Treasury Secretary Timothy Geithner’s upcoming trip to Beijing, China:

“Engage China supports the Administration’s efforts to further develop and strengthen the economic relationship between the United States and China, as this partnership is one of the most important bilateral relationships in the world. Now more than ever, U.S. and Chinese leaders must work together to address the current challenges that face the global economy.

“Secretary Geithner’s upcoming trip provides an important opportunity to discuss the benefits that can be achieved through modernization and greater opening of China’s financial markets to global financial institutions, which China has pledged to act on as a result of the 3^rd meeting of the U.S.-China Strategic and Economic Dialogue (S&ED) in Washington last May. Such reforms would level the playing field and give foreign financial services companies greater access to China’s growing consumer base and create jobs for American workers.

“Greater participation by U.S. financial institutions, banking, insurance, and securities firms in China's financial sector will help China achieve its economic goal of building a more services-based, consumer-driven economy. 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 coalition respectfully urges the Secretary to address the mutual benefits associated with these critical issues during his meeting with Premier Wen Jiabao, Vice President Xi Jinping and Vice Premier Wang Qishan.

"Engage China commends Secretary Geithner's work to strengthen the U.S.-China relationship and wishes him a sucessful and productive trip."

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 on the confirmation of Commerce Secretary Gary Locke as Ambassador to China:

"Engage China applauds the confirmation of Secretary Gary Locke as U.S. Ambassador to China. The U.S.-China relationship is arguably the most important bilateral economic relationship in the world.  How this critical relationship is managed will determine the vitality of the U.S. and global economies in the 21st century.

"Engage China respectfully urges Ambassador Locke to push for greater market-opening reforms in China.  China's growing middle class represents an enormous commercial opportunity for U.S. manufacturers, service providers, farmers, and ranchers.

"Additionally, greater participation by U.S. financial institutions in China's financial sector will help China achieve its economic goal of building a more services-based, consumer-driven economy. 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.

"Through his service as Commerce Secretary and as a former Governor of the state of Washington, Ambassador Locke brings a deep understanding of the U.S.-China relationship and the full range of critical issues.

"Members of the Engage China Coalition congratulate Ambassador Locke, extend our best wishes, and look forward to working with him in his new role."

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WASHINGTON, DC - Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement following the conclusion of the 2011 Strategic & Economic Dialogue:

"We are very pleased that financial issues were part of the 2011 Strategic & Economic Dialogue discussions.  That said, reform and modernization of China’s financial system – including greater foreign participation – must remain a key area of focus if genuine progress is to be made on reducing the trade imbalance and achieving a more market-determined yuan.  We applaud the progress announced today with regard to further financial liberalization.  Truly meaningful progress, however, must entail the elimination of ownership limits for U.S. financial institutions operating in China; non-discriminatory national treatment with regard to licensing, corporate form, permitted products and services, and regulation and supervision; and greater regulatory and procedural transparency.  We commend Secretary Geithner and his team for the progress achieved in this round of the S&ED, and look forward to working with the Administration to ensure further liberalization in future rounds."

WASHINGTON, DC — Engage China, a coalition of twelve financial services trade associations united in support of high-level engagement with China with an emphasis on continued financial sector reform in China, released the following statement in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) to be held in Washington, DC May 9th – 10th:

“The Engage China Coalition believes the Strategic and Economic Dialogue (S&ED) is an important venue for addressing a range of issues relative to the U.S.-China economic relationship including ensuring a level playing field and the greater opening of China's financial markets to American financial institutions.  As the United States strives to achieve its goals of strong, sustainable job growth, and a doubling of U.S. exports within the next five years, productive engagement with China is essential.  The S&ED’s annual high-level discussions are critical to fostering a prosperous and better balanced bilateral relationship that serves the shared economic interests of both nations and their people.

While in Washington, we urge leaders to focus their talks on greater market-opening reforms in China’s financial services sector.  Such reforms would level the playing field and give foreign financial services companies greater access to China’s growing consumer base and create jobs for American workers.  Improved market access in China for foreign financial institutions would bring world-class expertise and best practices with regard to products and services, technology, credit analysis, risk management and loss prevention, internal controls, and corporate governance. These benefits will contribute substantially to the balanced economic growth, job creation, and the further structural reforms China seeks and needs while also benefiting the economies of other nations.  Fair and competitive access to China’s fast-growing middle class and business sector represents an enormous commercial opportunity for American manufacturers, farmers and ranchers, and service providers, with major implications for U.S. economic growth and job creation.

We commend the leadership and support of Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo and wish them successful talks during the S&ED.”

Contact: Jen Scungio, 202-457-8759, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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 on the nomination of Commerce Secretary Gary Locke as Ambassador to China: