U.S. subprime bite of China's financial opening up civil strife.

<P>: Http://finance. News, U.S. House of Representatives passed a rare 5 a symbolic resolution calling on China's financial services sector fully open to U.S. companies. .House of Representatives passed the resolution the same day, a time when several regulatory authorities in the country held a special hearing in Congress to discuss the recent market turmoil and the subprime crisis, therefore, challenged the industry, the U.S. Congress is hoping to ride out the storm for the domestic financial sector. .</ P> <P> double-edged sword? .</ P> <P> in the resolution adopted by an absolute majority, the U.S. House of Representatives urged the Government to be held in December the third China-US Strategic Economic Dialogue on pressuring China to lift foreign investment in China's banking, insurance and .Securities holdings limited. .</ P> <P> According to the latest resolution, Congress asked the U.S. banking regulators in assessing the United States of Chinese enterprises operating permit, whether China should be on U.S. companies in the same area to limit this factor into account. .However, the reporter also noted that, according to the U.S. in the second Sino-US strategic dialogue, a consensus with the Chinese side, the United States confirmed that Chinese banks set up branches in the United States that any application will be approved based on the principle of national treatment. .</ P> <P> Peking University Wang Yong, director of economic research center, told reporters yesterday that in the past the U.S. Congress passed a resolution against China are mostly about politics, and are in very extreme circumstances, as they are now for .by resolution of a single specific issue is rare. ."This is behind the impetus from financial sector should not be underestimated." Yong said that, as the U.S. Congress, to pass such a resolution does not have any mandatory is not difficult, and indeed the context of general election approaches, many Members of Congress .hoping to win more financial support from interest groups. .</ P> <P> experts said that in the current fast economic growth in China, the mainland stock market hit record highs in the background, struggling in the domestic market in the Subordinated Debt "black hole" of the U.S. financial institution, do not want to give up China .this "big cake." .</ P> <P> Coincidentally, on the day the resolution was adopted, including the Ministry of Finance and the SFC and other financial regulatory authorities in the House of Representatives Financial Services Committee held a special hearing to discuss the subordinated debt issue. .U.S. Treasury Deputy Minister responsible for domestic affairs, frankly stated at the hearing Steele, credit and turmoil in the subprime mortgage market "is far from over." .</ P> <P> U.S. media also believe that the act of Congress, but also for U.S. Treasury Secretary Henry Paulson in December of this year's trip to China set the tone, will be held at the third China-US strategic economic dialogue before .pressure on China. .</ P> <P>, as always, </ P> <P> China experts also said that similar pressure from Congress the United States in the next round of talks may become bargaining chips in one. .</ P> <P> the trade, economic and trade issues with China, the United States is gradually dug out the cards, whether the exchange rate or trade imbalances around the accusations, the ultimate goal is to open China's financial sector, which is precisely the United States .economy the most competitive one. .</ P> <P> the face of U.S. pressure, Wang Yong, analysts say, China should be well aware of two things: First, we must understand that "what we want", the current stage of China's development strategy and objectives of how, using the U.S. .factors to help us achieve our goals; Second, the United States without fear of pressure to believe that Sino-US trade is mutually beneficial, the United States in the development process of bilateral trade with China to benefit many, not easily give up such a good economic and trade relations. .</ P> <P> "consistent with our interests in the circumstances, be appropriate for some steps, focusing on the factors used to achieve U.S. strategic objectives of our own," Yong said, "Of course, China's financial opening up, remain generally .To adhere to the principle of gradual and progressive liberalization. "</ P> <P> In fact, in May the end of the second dialogue, the two sides had reached in the financial services sector a lot of consensus, the Chinese side has made concessions to actively ., for example, approval of broker recovery in the second half set up a joint venture securities firms to expand business scope and increase QFII quota and allow foreign property insurance companies to apply for conversions into subsidiaries and so on. .</ P>.