Financial Services

Financial sector reform is a critical aspect of China’s economic development and a top policy priority in China’s eleventh Five Year Plan (2006-2010).  The modernization of China’s financial sector and development of efficient capital markets will help China realize its goals of achieving long-term, sustainable, and balanced development.

The U.S. Chamber recognizes that a modern and transparent financial system in China will benefit not only China’s domestic development, but will also contribute to more stable U.S.-China economic and commercial relations. 

The U.S. Chamber’s role in promoting China’s financial sector reform

The U.S. Chamber strives to advance China’s financial sector reform in a manner that further integrates China’s financial system with the global economy and international institutions, contributes to stable economic development in China, and fosters transparency in China’s financial rule-making.  At the same time, we encourage further liberalization of China’s banking, securities and insurance sectors by highlighting the benefits to China—in financial innovation, resources, and expertise— of increased market access for U.S. financial companies. 

Chamber programs in China

Throughout the year, the Chamber holds programs and events that bring together industry experts and government officials to discuss China’s financial sector reforms.  All programs highlight the importance of financial sector liberalization and modernization.

Recent Programs

China-U.S. Financial Reform and Innovation Summit, Tianjin

International Finance Forum (IFF) 4th Global Annual Conference, Beijing

Advocacy and Education

Our efforts focus on establishing education and advocacy programs to bridge the gap of competing regulatory frameworks for banking, securities, and insurance industries.  We also seek to hold programs that underscore the importance of developing financing modalities that promote technological progress and strengthening corporate governance reforms.

In the United States, the Chamber conducts extensive advocacy work relating to China’s financial sector reform through regular and frequent interaction with the Administration and Congress.  The Chamber strongly supports the U.S.-China Strategic Economic Dialogue (SED) and encourages the Department of Treasury to make discussions of China’s financial market reforms and market access central to the SED.  Specifically, we urge the U.S. government to promote increased market access for U.S. firms in the Chinese financial services market, including allowing full ownership, the right to establish in corporate form of choice, and operations without geographical or business limitations. 

The Chamber also supports other mechanisms of bilateral engagement between the United States and China, including the Joint Commission on Commerce and Trade (JCCT), in which insurance market access barriers are frequently discussed, and the Joint Economic Committee (JEC) between the Chinese Ministry of Finance and the U.S. Department of Treasury.

The Chamber submits to the Administration an annual assessment of U.S.-China commercial relations, which includes analysis of how the Chamber’s financial services members view China’s ongoing financial sector reforms, including impediments to access and operations in the marketplace.  The Chamber also provides regular oral and written input to the U.S. government on financial services matters in advance of high-level government-to-government meetings, including the SED, JCCT and the JEC. 

Relevant Documents

See China Policy Resources