BEIJING, Dec. 13 (Xinhua) -- The following are the
results of the 3rd China-U.S. Strategic Economic Dialogue closed on Thursday
afternoon:
In food safety:
-- Both sides commit to expand their dialogue and
information-sharing to enhance the infrastructure of laws, policies, programs
and incentives that allow for effective government oversight of exports of food,
drugs, medical products, and consumer goods.
-- Four memorandums and agreements have been signed
involving eight areas including food and feed, drugs and medical products,
environmentally compliant exports/imports, food safety, alcohol and tobacco
products, toys, fireworks, lighters, electrical products, motor vehicle safety,
and pesticides tolerance and trade.
In financial services:
-- China Securities Regulatory Commission will
conduct a careful assessment on foreign participation in China's securities
firms and its influence on China's securities market and based on the results of
its assessment, will make a policy recommendation on the issue of adjusting
foreign equity participation in China's securities firms.
-- The China Banking Regulatory Commission (CBRC) is
to complete an ongoing scientific study of foreign participation in China's
banking sector by Dec. 31, 2008. By that time, based on the policy assessment's
conclusions, the CBRC will make policy recommendations on foreign equity
participation.
-- China agrees to allow, in accordance with relevant
prudential regulations, qualified foreign-invested companies, including banks,
to issue RMB denominated stocks; qualified listed companies to issue RMB
denominated corporate bonds; and qualified incorporated foreign banks to issue
RMB denominated financial bonds.
-- The U.S. government remains committed to apply
national treatment to Chinese banks, Chinese broker-dealers and investment
advisers seeking to register and operate in the United States.
-- China Banking Regulatory Commission (CBRC) and the U.S. Securities and Exchange Commission (SEC) have agreed in principle that the signing of an exchange of letters will be done in the near future on information sharing in connection with the cross border activity of financial institutions licensed by either the CBRC or SEC.
