FOR IMMEDIATE RELEASE:                  CONTACT:  Erica Hurtt           
May 21, 2010                                       (202) 457-8783

WASHINGTON, D.C. –  Financial Services Forum President and COO Rob Nichols released the following statement in advance of the U.S.-China Strategic and Economic Dialogue (S&ED) will be held in Beijing May 24^th-25^th:

“The S&ED is a critical forum for U.S. and Chinese leaders to examine this vital bilateral economic relationship and to work toward further modernization and reform of China's financial markets.

“Acknowledging that currency talks will likely be a main focus of the S&ED, we believe that highlighting market access is the most productive way to create jobs in America and modernize China’s out-dated financial system. It is in China’s immediate self interest to open up its capital markets. Reduction and eliminating barriers that foreign financial services firms encounter in China is integral to the development of a modern financial system which will serve as the platform to help promote more balanced growth in China and the world economy. Foreign financial institutions would bring world-class expertise and best practices, which would contribute to economic growth, job creation, and the further structural reforms China seeks. 

 “Fair access to China’s fast-growing economy also presents a great opportunity for American businesses and workers which would create jobs and fuel economic growth in the U.S.

“We commend Treasury Secretary Timothy Geithner, Secretary of State Hillary Rodham Clinton, Vice Premier Wang Qishan, and State Councilor Dai Bingguo for their leadership and urges them to push for greater market access for U.S. financial firms doing business in China.”

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The Financial Services Forum is a non-partisan financial and economic policy organization comprised of the CEOs of 19 of the largest and most diversified financial services institutions doing business in the United States.

The purpose of the Forum is to pursue policies that encourage savings and investment, promote an open and competitive global marketplace, and ensure the opportunity of people everywhere to participate fully and productively in the 21st-century global economy.