Source: CCTV.com

12-14-2007 10:53

Special Report:   3rd China-U.S. SED

China and the United States have agreed upon specific steps for foreign companies to enter China's financial services industry following two-day high-level economic dialogues.

According to a statement from the U.S. government, foreign-invested companies including banks will be allowed to issue RMB denominated stocks and bonds, while mutual funds administered by Chinese banks will be allowed to invest in the U.S. stock market.

However, the statement says China will resume licensing of new joint-venture securities companies and allow foreign securities firms to expand their operations in China to include brokerage, proprietary trading and fund management.

China says it will complete a study of foreign equity participation in the banking sector by the end of 2008 and make relevant policy recommendations.

 

Editor:Xiong Qu