Greater Market-Opening Reforms in China’s Financial Services Sector

SIFMA and other associations respectfully urge Vice President Biden to advocate for greater market-opening reforms in China’s financial services sector.  Continued reform and modernization of China’s financial sector is essential if China is to achieve its own economic goals of maintaining high rates of economic growth and job creation, and building a more services-based, consumer-driven economy – goals very much in the interest of the United States.  Such reforms should focus on achieving the following core objectives: (1) eliminating barriers to foreign participation in China’s financial services sector; (2) eliminating limits on foreign investment in Chinese financial entities, corporate forms of choice, geographic expansion, and product offerings; (3) ensuring that foreign financial sector participants and investors receive the same treatment from regulators and other authorities as domestic investors; (4) improving regulatory and procedural transparency; and (5) developing a deeper and more liquid corporate bond market.

The associations included SIFMA, the American Bankers Association, American Council of Life Insurers, American Insurance Association, BAFT-IFSA, The Council of Insurance Agents & Brokers, The Financial Services Forum, Financial Services Roundtable, Futures Industry Association, Investment Company Institute, Insured Retirement Institute and Property Casualty Insurers Association of America.