This week, after two days packed with meetings and negotiations, the third annual U.S.-China Strategic and Economic Dialogue concluded with the United States and China committing to a set of concrete and tangible outcomes to: promote strong, sustainable and more balanced growth; strengthen financial systems and improve financial supervision; enhance trade and investment cooperation; and create more opportunities for U.S. businesses, exporters and workers.
Subsequent news coverage highlighted many of the key commitments the U.S. secured at this week’s meetings, including “initial moves by China toward opening its financial sector by allowing U.S. and other foreign firms to sell auto insurance, sell mutual funds and other investments, and underwrite corporate bonds.” Additionally, China “promised improvements in the enforcement of intellectual property such as software” and “also pledged to publish proposed regulations 30 days in advance of implementation, answering a U.S. concern that foreign companies are affected by regulations that they cannot always comment on, and the two sides agreed to discuss export credits for the first time.”
To level the playing field for U.S. businesses and American workers, China also pledged to delink “government procurement from so-called indigenous technology requirements” while also “stating explicitly that this pledge extended to purchases by local governments -- not only the central government.”
Read more about some of the outcomes from the Economic Track.
“Based on the strength of our conversations and the strength of this emerging relationship, this economic relationship with China will continue to grow, continue to deepen, and continue to provide tremendous opportunities for both nations. And you see today concrete, tangible signs of progress on both sides that underscore that commitment of both our presidents,” said Secretary Geithner at the meeting’s closing session on Tuesday.
But Secretary Geithner isn’t the only one who’s optimistic.
In a statement, Myron Brilliant, senior vice president for International Affairs at the U.S. Chamber of Commerce, said, “China’s commitments have the potential to bolster the confidence of American investors and exporters in the on-the-ground business environment and the approach of Chinese policymakers to foreign companies.”
"We need more engagement with China on the issues important to us, not less engagement, and today's S&ED outcomes show why. […] Not every problem got resolved, but once again, steady and focused engagement with China proves to show results. USCBC supports the Obama administration's well-coordinated approach to building a more constructive and sustainable relationship with our most important trading partner,” said U.S.-China Business Council President John Frisbie. He also said, “I think the dialogue showed again why engagement with China mattered, because there were results that were important for U.S. companies.”
Engage China, a coalition of twelve financial services trade associations, also released a statement saying, “We commend Secretary Geithner and his team for the progress achieved in this round of the S&ED, and look forward to working with the Administration to ensure further liberalization in future rounds.”
For more information on this week's and previous S&ED meetings, click here.