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http://www.treas.gov/press/releases/hp417.htm

Opening the Financial Sector

Financial markets connect money with ideas and ambition, the lifeblood of innovation and dynamism. U.S. financial institutions are helping to expand a vast new market in China for American financial services products. During the second meeting of the Strategic Economic Dialogue, the United States and China committed to further financial sector reform, including:

* RMB Transactions by Foreign Banks: China agreed to immediately allow foreign-invested banks to offer their own brand of RMB-denominated credit and debit cards. This will allow U.S. banks to offer a full range of RMB services to compete with Chinese banks that currently offer these services.

* Expansion of U.S. Financial Services Industry: China agreed to remove a block on the entry of new foreign securities firms and resume licensing securities companies, including joint-ventures, in the second half of 2007. In addition, China will announce before SED-III that it will allow foreign securities firms to expand their operations in China to include brokerage, proprietary trading and fund management. This will create opportunities for U.S. firms and provide new competition and expertise in the Chinese securities industry.

* Increased Qualified Foreign Institutional Investors (QFIIs) Quotas: To develop broader and deeper integration into the global financial market, China will raise the quota for Qualified Foreign Institutional Investors from $10 billion to $30 billion.

* Market Access for Insurance Firms: Enterprise Annuities: The Chinese Government agreed to streamline by SED-III the application and licensing process for the provision of enterprise annuities by financial institutions, which will allow U.S. insurance firms already operating in China to widen the range of services they provide and increase the amount of capital under their management for investment.