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.
(China Daily July 31, 2007)
