USITO attends S&ED Debriefing with USG Officials

On June 28, USITO attended the S&ED debriefing event hosted by AmCham and USCBC.
 
Earlier this month at the 8th Strategic & Economic Dialogue, Treasury Secretary Jacob Lew and Vice Premier Wang Yang covered economic topics while US Secretary of State John Kerry and State Councilor Yang Jiechi discussed strategy.


The main outcomes include:

• Addressed the problem of excess capacity: The NPC set capacity reduction target goals for coal, steel, aluminum, etc.
• China committed to becoming more transparent with economic data by promising to release a service sector economic indicator and quarterly reports on GDP and capital expenditures to track household consumption.
• China established offshore RMB trading, increased quota for RQFII, and permitted US banks to become clearing banks.
• Private fund managers can now operate as WFOEs to access Chinese markets
• Held a Cyber Ministerial where both sides committed to high level cyber cooperation