For Release: Monday November 30, 1998
At the conclusion of meetings in Beijing with key Chinese Government agencies, members of the Coalition of Service Industries' (CSI) China Working Group have agreed that the climate is right for an ambitious program of cooperation to help China reform its state enterprises, create jobs, and promote economic growth. The meetings took place November 17-19.
"The Chinese officials with whom we met in 6 different agencies all acknowledged the need to develop China's services sector, and welcomed joint U.S. – Chinese efforts to broaden the involvement of U.S. service firms in the Chinese economy", said Robert Vastine, President of the Coalition.
"We found an encouraging willingness to discuss openly how American services companies can contribute to China's economic goals." A list of the officials with whom the CSI group met, and a list of members of the CSI delegation, is attached. This was the first CSI delegation to visit China.
CSI is placing high priority on promoting greater understanding in China of the mutual benefits of liberalization of service sector industries such as finance, insurance, telecommunications, professional services, and information technology.
Among the activities CSI is planning is the commissioning of a study, with Chinese scholarly participation, that would survey the current state of the Chinese service economy and set a baseline against which future growth can be assessed.
Another would be a "Services Summit" led by senior U.S. and Chinese government officials, experts from Chinese state-owned companies and Chinese think-tanks, along with experts from U.S. service sectors, to explore greater bilateral cooperation.
CSI is working closely with the Department of Commerce and other U.S. Government agencies as it develops its programs in China. Its members will participate in activities surrounding the visit to Washington on December 16-18 of Shi Guangsheng, China's Minister of Foreign Trade and Economic Cooperation.
"China fervently seeks to become a more efficient economy, and to provide substantial new employment opportunities. Our companies know they can help with that, as they have in other emerging markets," Vastine said.
China's service sector accounts for 30 percent of Gross Domestic Product, compared to 75 percent in the United States.
For Further Information Contact: Robert Vastine (202) 289-7460