In preparation for this week’s U.S.-China Strategic and Economic Dialogue meetings, ABA and other groups that comprise the Engage China coalition reiterated the need for accelerated reform of China’s financial system.
“A modern and competitive financial system, one that includes full participation by non-Chinese financial services institutions… is imperative for China to continue to meet its domestic growth needs,” the groups wrote in a letter to Treasury Secretary Jack Lew. They added that more developed capital markets would bring more flexibility and stability to the Chinese economy, which in turn would mean a stronger U.S. economy.
The groups also urged Lew “to raise the mounting urgency of addressing threats to cyber and technology security in the context of China’s asserted national security policies.”
