SIFMA Applauds Progress In S&ED Talks
by 04 May 23:50
SIFMA today released the following statement from Tim Ryan, president and CEO, after the conclusion of the fourth round of the U.S.-China Strategic and Economic Dialogue held in Beijing, China.
“The Strategic and Economic Dialogue is a critical bi-lateral engagement process that helps strengthen our ties with China and provides a forum through which American companies and investors can gain greater market access and opportunities in China. This latest round of talks has produced some positive steps forward and we applaud both sides on a substantive and constructive meeting.
“We appreciate commitments by the Chinese to increase the dollar amount that foreigners can invest in China’s stock and bond markets. This will help free up capital flows into China and increase investment opportunities for U.S.-based investment firms.
“China’s new commitment to allow foreign investors to take up to a 49 percent equity stake in domestic securities joint ventures is positive for American financial institutions and investors, though we look forward to seeing the details of this commitment. We also hope that in future discussions there will be a roadmap set out as to how foreign investors can take a 50 percent or larger stake in a joint venture.”
The Securities Industry and Financial Markets Association (SIFMA) brings together the shared interests of hundreds of securities firms, banks and asset managers. SIFMA’s mission is to support a strong financial industry, investor opportunity, capital formation, job creation and economic growth, while building trust and confidence in the financial markets. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.