The S&F law blog


China eases trade rules, allows U.S. fun sales
May 11, 2011, 12:28 pm
Filed under: Uncategorized

Within the first two days of economy-centered talks between the world’s two largest economies, China pledged that U.S. companies would have easier access to some of the strongest sectors in China’s economy. The most crucial concessions were made for U.S firms seeking to make headway in China’s financial services market; China agreed to let the U.S.—along with other foreign banks—sell mutual funds and offer custodial services.

China’s bourgeoning middle class has the attention of American companies dealing in services like auto insurance. (China is, after all, the world’s largest car market and growing) Still, China remained firm on its “indigenous innovation” policies, stating that local governments would continue to make large purchases in order to bolster domestic market power and creativity.

Although some friction remains between the U.S. and China over currency value, the ”U.S.-China Comprehensive Framework for Promoting Strong, Sustainable and Balanced Growth and Economic Cooperation” has been hailed as a massive step forward by both countries.

Source: Reuters

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