On November 24, 2021, AmCham China Chairman Greg Gilligan led a delegation of 10 financial services institution executives to the China Securities Regulatory Commission (CSRC) and met with its Vice Chairman Fang Xinghai.
In his remarks, Gilligan recognized CSRC’s consistent efforts over the past years of the opening up of the financial services sector saying, “Recent progress has demonstrated the Chinese government’s determination to fulfill its commitment made in the Phase-One Trade Agreement, and we are delighted to notice that many of those are well-aligned with the Chamber’s long-term advocacy goals.”
The group briefly presented on major American financial institutions’ operations and financial performance in China during the 2020-2021 calendar year, as well as this year’s Banking and Capital Markets Policy Spotlight. They also went on to propose several policy solutions regarding the challenges faced by US financial institutions operating in China. The suggestions covered all aspects of the financial services sector, including commercial banking, custody services, securities, bonds, derivatives, credit ratings, cyber security, and free data flow.
In addition, Gilligan brought up the recent virtual meeting between President Biden and President Xi. He noted that both Heads of State and their senior officials have repeatedly talked about the implementation of the Phase-One trade deal and the future direction of US-China bilateral relationship, which the American business community in China welcomes. Gilligan commented that AmCham China believes that, despite the many differences between the US and China, there are still considerable areas where the two countries can build and deepen cooperation, especially in the financial services sector. Gilligan pointed to several areas of productive cooperation including China’s goals for carbon neutrality, and the Greater Bay Area and Hainan’s grand development plan. He also highlighted that US financial institutions in China have shown vision and commitment to continue serve the Chinese market and Chinese customers by enriching, advancing and making innovations in financial products, services and ideas. After listening to Gilligan and the group, Fang, in turn, offered many positive responses to our concerns and recommendations.
For more information about AmCham China Financial Services and Insurance Forum, please contact Sui Baojian at firstname.lastname@example.org or 185-0024-0238.