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China agrees more talks on service sector reform

Financial Times (London) | December 15 2006

China agrees more talks on service sector reform

By Krishna Guha in Beijing

The US and China on Friday agreed to intensify discussions about the opening up of China’s services sector and explore the possibility of a bilateral investment treaty at the conclusion of this week’s high level talks in Beijing.

The two nations also commissioned bilateral ministerial groups to work on improving regulatory transparency and greater cooperation on energy and the environment.

They agreed that the NYSE and Nasdaq should open offices in China. China agreed to join the FutureGen clean coal project, while the US agreed to support China’s membership of the Inter-American Development Bank.

Hank Paulson, the US Treasury Secretary admitted that there were still “differences on the timing of certain reforms” but said the talks were “fruitful” and that he left with a sense of “optimism.”

Wu Yi, China’s vice-premier, said she hoped the talks had helped to clear up “misunderstanding” about China’s development path.

The two nations said they would relaunch bilateral aviation talks in January, and to “invigorate” negotiations over restrictions to US high tech exports to China, intellectual property right protection and market economy status for China in the US.

 source: FT