US House of Representatives calls on China to remove trade barriers

The U.S. House of Representatives has approved a resolution calling for greater access for U.S. financial services firms doing business in China, by a vote of 401 to 4.

The Resolution calls on the People’s Republic of China to remove barriers to US financial services firms doing business in China, and to immediately implement all of its World Trade Organization commitments in financial services to date as well as its commitments under the auspices of the Strategic Economic Dialogue between China and United States.

“By opening up its financial sector to greater foreign participation China will finally be able to provide the most needed products that its citizens and business need to save, invest and insure against risk while at the same time creating access to a new market for U.S. businesses.

Representative Peter Roskam

Representative Jim Marshall, who introduced the bill along with Representative Peter Roskam, commented: “This bill wouldn’t be necessary if China simply complied in good faith with its existing trade obligations. Eliminating China’s barriers to U.S. and foreign financial services providers will diversify and strengthen the Chinese economy and fix the China/U.S trade imbalance. And the resulting dramatic increase in flexible, creative micro-finance will help grow China’s middle class, something critically important to China’s democratization and long term political stability.”

Roskam added: "By opening up its financial sector to greater foreign participation China will finally be able to provide the most needed products that its citizens and business need to save, invest and insure against risk while at the same time creating access to a new market for U.S. businesses.”