The Standard - US service firms in China trade-gap play - Markets Section
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US service firms in China trade-gap play
April 26, 2005
Major US financial and other service firms have urged China to speed up its market-opening measures, saying that allowing them to do more business could help Beijing cut its politically volatile trade surplus with the United States.
Mainland exports are surging, especially for textiles and other manufactured goods, and Beijing can shrink the trade gap by importing more insurance, telecommunications, delivery and other services, said US Coalition of Service Industries chairman Norman Sorensen.
China's trade surplus with the US hit a record US$162 billion last year, which was the biggest US deficit with any country ever.
``Congress in the United States is concerned about this imbalance and they want it addressed,'' said Sorensen. ``China could moderate this tension and this imbalance by liberalizing financial services.''
China also stands to gain foreign expertize and help in building its economy if it lets US banks and other firms have more access to mainland consumers, Sorensen said.
Beijing protects its fragile banking system from competition by limiting foreign investment and involvement. It has promised to allow foreign banks to compete on an equal footing with the country's lenders by next year as a condition of its entry to the World Trade Organization in late 2001.
US firms want China to speed up those reforms, said Sorensen and other executives.
In meetings with mainland commerce, planning and foreign affairs officials, they called on Beijing to submit an improved services offer to the WTO by the end of next month - in time for new negotiations set for December.
``We were assured that China is preparing a revised offer,'' said coalition president Robert Vastine.
ASSOCIATED PRESS
Copyright 2005, The Standard, Sing Tao Newspaper Group and Global China Group. All rights reserved. No content may be redistributed or republished, either eletronically or in print, without express written consent of The Standard.
The Standard - US service firms in China trade-gap play - Markets Section
http://www.thestandard.com.hk/stdn/std/others/print.htm=0 cellPadding=0 width=752 align=center border=0>
US service firms in China trade-gap play
April 26, 2005
Major US financial and other service firms have urged China to speed up its market-opening measures, saying that allowing them to do more business could help Beijing cut its politically volatile trade surplus with the United States.
Mainland exports are surging, especially for textiles and other manufactured goods, and Beijing can shrink the trade gap by importing more insurance, telecommunications, delivery and other services, said US Coalition of Service Industries chairman Norman Sorensen.
China's trade surplus with the US hit a record US$162 billion last year, which was the biggest US deficit with any country ever.
``Congress in the United States is concerned about this imbalance and they want it addressed,'' said Sorensen. ``China could moderate this tension and this imbalance by liberalizing financial services.''
China also stands to gain foreign expertize and help in building its economy if it lets US banks and other firms have more access to mainland consumers, Sorensen said.
Beijing protects its fragile banking system from competition by limiting foreign investment and involvement. It has promised to allow foreign banks to compete on an equal footing with the country's lenders by next year as a condition of its entry to the World Trade Organization in late 2001.
US firms want China to speed up those reforms, said Sorensen and other executives.
In meetings with mainland commerce, planning and foreign affairs officials, they called on Beijing to submit an improved services offer to the WTO by the end of next month - in time for new negotiations set for December.
``We were assured that China is preparing a revised offer,'' said coalition president Robert Vastine.
ASSOCIATED PRESS
Copyright 2005, The Standard, Sing Tao Newspaper Group and Global China Group. All rights reserved. No content may be redistributed or republished, either eletronically or in print, without express written consent of The Standard.
The Standard - US service firms in China trade-gap play - Markets Section
posted by Eastlaw at Tuesday, April 26, 2005
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