Early Results Achieved in China-US 100-Day Action Plan One Month After Summit Meeting
Early Results Achieved in China-US 100-Day Action Plan One Month After Summit Meeting
From April 6 to 7, President Xi Jinping met with US President Donald Trump at Mar-a-Lago in Florida, the United States. During the meeting, the two leaders advanced the China-US 100-Day Action Plan for Economic Cooperation under the framework of the China-US Comprehensive Economic Dialogue. At present, after intensive communication between the two sides, positive progress has been made on key issues.
One month after the summit meeting between the Chinese and US heads of state, the two sides reached ten items of consensus on issues in areas such as agricultural trade, financial services, investment, and energy.
Beef imports: China will allow the import of US beef as soon as possible, and no later than July 16, 2017, under conditions consistent with international food safety and animal health standards and in accordance with the 1999 China-US Agricultural Cooperation Agreement.
Cooked poultry meat exports: The two sides will resolve outstanding issues regarding the export of China's domestically produced cooked poultry meat to the US as soon as possible, and realize the export of Chinese poultry meat to the US at an early date.
Biotechnology: The National Biosafety Committee for Agricultural GMOs of China will conduct scientific reviews of eight biotechnology product applications submitted by the US side regarding the safety of their intended uses.
Natural gas: The US welcomes China and other US trading partners to import liquefied natural gas from the US. The treatment the US grants to China will be no less favorable than that granted to other non-FTA trading partners.
Credit rating services: China will allow wholly foreign-owned financial services companies in China to provide credit rating services before July 16, 2017, and begin the procedures for applying for credit investigation licenses.
Cross-border clearing: The US Commodity Futures Trading Commission plans to extend no-action relief to the Shanghai Clearing House for six months before July 16, 2017, where appropriate and consistent with no-action exemption conditions, and may further extend the exemption period to a total of up to three years.
Electronic payment services: China will further issue necessary service guidelines before July 16, 2017, to allow wholly US-owned electronic payment service providers to apply for licenses, achieving full and timely market access. China will continue to allow Chinese banks to issue dual-label, dual-currency bank cards that allow US electronic payment service providers to process foreign currency bank card transactions.
Banking: Relevant US federal regulatory agencies continue to commit to applying the same prudential regulatory standards to Chinese banking institutions under similar circumstances, in accordance with US law, as those applied to other foreign banking institutions.
Securities clearing: China will issue underwriting licenses and settlement agent business qualifications for the China interbank bond market to two qualified US financial institutions before July 16, 2017.
Belt and Road: The US will send representatives to attend the Belt and Road Forum for International Cooperation.
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