The countries agreed to provide fair, effective and nondiscriminatory market access for each other's financial companies in sectors such as banking, securities, insurance, futures, asset management, electronic payments and credit rating.
Dong Yan, a research fellow at the Institute of World Economics and Politics, noted that financial opening is an established national policy. The country has adopted a fresh round of liberalising measures that largely reflect the content of the agreement on financial services. Meanwhile, the US affirmed in the agreement that it will expeditiously consider pending requests by Chinese financial institutions, including CITIC Group, China International Capital Corp and China Reinsurance Group.
In the agreement, the US also promised to give nondiscriminatory treatment to Chinese electronic payment service suppliers, such as UnionPay.
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