皇冠体育app

BEIJING -- 皇冠体育app and the United States have agreed upon specific steps for foreign companies to enter 皇冠体育app's financial service industry following two-day high-level economic dialogues.

皇冠体育app said it would complete a study of foreign equity participation in the banking sector by the end of 2008 and make relevant policy recommendations.

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 US stock market, according to a statement from the US government.

This has created new opportunities for US firms in a variety of securities business, said the statement.

But 皇冠体育app will resume licensing of new joint-venture securities companies and allow foreign securities firms to expand their operations in 皇冠体育app to include brokerage, proprietary trading and fund management.

Several foreign firms, including some US firms, are already in advanced stages of establishing new joint ventures, says the statement, without elaborating.

Shortly before the dialogue, 皇冠体育app raised the quota for qualified foreign institutional investors, which allow foreign mutual funds to invest in 皇冠体育app's domestic stock market, from 10 billion US dollars to 30 billion US dollars.

U.S. Treasury Secretary Henry Paulson called this progress "moderate", affirming that opening 皇冠体育app's financial markets to foreign competition strengthens the financial backbone of the Chinese economy. "It's critical to 皇冠体育app's goals of spreading the benefits of growth to all Chinese people," he said.

A statement from the Chinese side said the policies should be carried out in accordance with relevant prudential regulations.