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."