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BIZCHINA / Biz Media Digest
Macroeconomy: Strategic Economic Dialogue agreements till now
(China Daily)
Updated: 2007-07-31 10:43
The second China-US Strategic Economic Dialogue (SED) was held in
Washington on May 22 and 23 when the two sides agreed to the following:
China will resume licensing securities companies in the second half of
2007, and before SED III, it will announce to gradually expand the
business scope of qualified joint-venture securities companies to allow
them to be engaged in securities brokerages, propriety trading and asset
management; increase the total quota for Qualified Foreign Institutional
Investors (QFIIs) to $30 billion under the prerequisite of promoting its
international balance of payment;
China will allow foreign incorporated banks qualified for yuan retail
businesses to issue yuan bank cards that meet the operational and
technical standards of its banking cards, and enjoy the same treatment as
Chinese banks;
China will allow foreign property insurance companies to apply for
conversions into subsidiaries. China Insurance Regulatory Commission
(CIRC) will complete decisions on pending applications by August 1, 2007.
In energy and the environment, the US and China will strengthen
cooperation in the following areas: advancing clean coal technology,
aiming to develop up to 15 large-scale coal-mine methane capture projects
in China, finalizing participation of China in the Government Steering
Committee of the FutureGen project, providing policy incentives to
abolish cost barriers to full commercialization of advanced coal
technologies, advancing the research and development of carbon capture
and storage technologies, and formulating a national low sulfur fuel
policy for China.
An agreement to expand the existing bilateral aviation agreement that
greatly increases the number of flights between the two countries,
provides for full liberalization for cargo services as of 2011, and both
sides agreed to commence negotiations in 2010 on an agreement and
timetable for full liberalization of passenger travel.
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