Communication Department Archives

USCIB Vice Chair Dennis Nally Begins ICC Leadership Term

Published on July 20, 2015
Frederico Curado (Embraer) and Dennis Nally (PwC)
Dennis Nally (PwC)

The International Chamber of Commerce (ICC) announced the appointment of Dennis Nally, chairman of PricewaterhouseCoopers International (PwC) and vice chairman of USCIB, and  Frederico Curado, president and CEO of Embraer, as ICC vice chairs.

Curado and Nally officially took up their positions on July 1 and join ICC Vice Chair Sunil Mittal following governance changes approved by the ICC World Council last month.

Nally has served as chairman of PwC since 2009. He is an expert on issues affecting the global capital markets and the professional services profession, and also leads many of PwC’s corporate responsibility efforts.

ICC Secretary General John Danilovich said: “We’re delighted to have Curado and Nally onboard and have no doubt that their leadership will further strengthen ICC’s governance and the ability to represent our members’ interests across the globe.”

As a result of governance changes, which included an extension to the serving terms of the ICC Chairmanship, current ICC Chairman Terry McGraw will now serve until 2016.

The ICC World Council meeting also saw five new appointments to the ICC Executive Board. They were: John Denton (Corrs Chambers Westgarth); Daniel Feffer (Suzano); Robert Gutsche (KPMG); Mari Pangestu (former Trade Minister of Indonesia); Yassin Saeed Al Suroor (Al Suroor United Group).

 

Remembering Bill Matteson, a Longtime USCIB Champion

Published on July 20, 2015
William B. Matteson
William B. Matteson

We are saddened to report the passing in May of William B. Matteson, a longtime member and supporter of USCIB who served as vice chairman from 1986 to 1999 and also served as chairman of BIAC, the Business and Industry Advisory Committee to the OECD.

A native of Westchester County, New York, Bill graduated from Harvard Law School and clerked for Justice Harold Burton in the United States Supreme Court before joining the Debevoise & Plimpton law firm in 1955, where he went on to become partner in 1961. He headed the Paris office of Debevoise from 1973 to 1976 and was presiding partner of the firm from 1988 to 1993.

“Bill was one of the leading corporate lawyers of his generation,” said USCIB President and CEO Peter M. Robinson. “He brought great intelligence to his work with USCIB. But more than anything, he was a great friend to the organization, someone who inspired good will and admiration by the power of his own example.”

Ronnie Goldberg, senior counsel with USCIB and a longtime head of policy and program, added: “Bill was a quiet presence. It was easy to underestimate him – until he spoke. Listening to Bill summarize a meeting or present an issue amounted to a master class in both policy and presentation. He was a generous host and a patient and wise counselor. I feel both fortunate and honored to have worked with him.”

Our sincere condolences go out to the Matteson family, including his wife of almost 65 years, Marilee, and to Bill’s former colleagues at Debevoise and throughout the USCIB and BIAC communities. Donations in his name may be made to the Sconset Trust, P.O. Box 821, Siasconset, MA 02564 for conservation efforts on Nantucket Island. A service is planned there later this summer.

FFD3 Emphasizes Enhanced Role for Private Sector

Published on July 20, 2015

USCIB and its global network have welcomed the conclusion of the Third International Conference on Financing for Development (FfD3), as the outcome emphasizes an enhanced role for the private sector in the United Nations Post-2015 Development Agenda. FfD3 formally concluded on July 16 in Addis Ababa, Ethiopia after three days of negotiations to agree on a new global financing framework to support sustainable development. The final text—known as the Addis Ababa Action Agenda—sets out  the means of implementation, including technology, domestic resource mobilization and blended finance and investment for the UN Sustainable Development Goals (SDGs).

In a letter to Ambassador Lisa Kubiske of the U.S. State Department, dated July 7, USCIB’s President and CEO, Peter Robinson stated that a successful FfD3 would “amplify the opportunity to catalyze private initiative and investment to advance sustainable development and economic growth.  It will be actionable and practical for governments and business; it will synergize with the global market place and provide opportunities to advance entrepreneurship in support of shared prosperity.”  In that letter, Robinson also raised USCIB’s concerns with some aspects of the Addis outcome, relating to taxation and the proposed technology facilitation mechanism in terms of its role vis-à-vis protection of intellectual property.

USCIB played a central role in marshaling business input into FfD3, having worked actively with members and the International Chamber of Commerce (ICC) to ensure that the private sector’s voice was heard in Addis. USCIB and its members have engaged on several occasions with the U.S. negotiating team, and USCIB Vice President Ariel Meyerstein met with the co-facilitators of the FfD3 process as part of the Business Steering Committee for Financing for Development, chaired by the ICC Permanent Representative to the UN, Louise Kantrow.

USCIB was instrumental in organizing the conference’s landmark Business Forum on July 14. USCIB lined up an impressive array of member speakers for the business forum to share their insights about investing in emerging markets, including Jay Collins, vice chairman of corporate investment banking at Citi; Peter Sullivan, head of the Africa public sector group at Citi; Walt M. MacNee, executive vice chairman of MasterCard; Elaine Weidman, vice president for sustainability and corporate responsibility at Ericsson; and Jay Ireland, CEO of GE Africa.

“We welcome the Addis agreement as an important step towards realizing a more sustainable and prosperous future for us all,” said International Chamber of Commerce Secretary General John Danilovich. “By establishing a framework that seeks to harness private sector investment, we’ve seen a major leap forward in the international community’s approach to development cooperation.” (Read ICC Secretary General John Danilovich’s letter to the Financial Times on enabling trade for development.)

The private sector and other development institutions and donor countries led the way in a number of areas that went far beyond the confines of the Outcome Document. Several blended finance initiatives were announced, including the Sustainable Development Investment Partnership, which will try to unlock private capital for development, and Convergence, an online platform for developing a pipeline of projects ripe for investment and the exchange of information and capacity building. In addition, the European Union announced that it would add $2.8 billion to Power Africa, an initiative spearheaded by the U.S. government and private sector companies and other partners in sub-Saharan Africa to add more than 30,000 megawatts (MW) of cleaner, more efficient electricity generation capacity as well as increase electricity access by adding 60 million new home and business connections. Other major international financial institutions announced plans to make $400 billion available in the next three years to finance the sustainable development goals.

The conference also provided some cliffhanging moments of concern to business as a proposal by developing countries to elevate the UN tax committee to an intergovernmental body with universal membership nearly brought the conference to a stalemate. The proposal was ultimately rejected, but some in civil society were disappointed with that outcome and along with some governments, can be expected to continue to press for such an upgrade to be reconsidered during the remaining negotiations leading to the UN General Assembly and Post 2015 Summit in September. Significantly, a number of global initiatives were launched to improve the capacity of national tax authorities because taxation is a key aspect of domestic resource mobilization – one of the key resource streams for financing development that could surpass the revenue streams from both foreign direct investment and official development assistance (ODA). These initiatives included the launch of the OECD’s Tax Collectors Beyond Borders Project (a joint venture of the UN Development Program and the OECD) and the Addis Tax Initiative (an effort by 18 developed countries, including the United States, to double official development assistance for tax authority capacity) and a joint World Bank/IMF initiative to provide capacity building for tax authorities in developing countries.

USCIB’s SDG Working Group, chaired by Tam Nguyen (Bechtel) and Brian Lowry (Monsanto), will continue to weigh in to the UN and the administration on USCIB member interests as the UN process continues to deliberate on a wide range of business issues and implementation.  In addition, USCIB has created an online platform to showcase the private sector’s continuing contributions to sustainable development, and demonstrates the many ongoing business initiatives in support of the UN’s Post-2015 Development Agenda. Visit businessforpost-2015.org to learn more.

 

Enable Trade for Development, ICC Secretary General Writes in FT

Published on July 15, 2015
John Danilovich (ICC)
John Danilovich (ICC)

During the Third International Conference on Financing for Development, which took place in Addis Ababa from July 13 to 16, the Financial Times published a letter by ICC Secretary General John Danilovich underscoring the need to reform the global trading system to support the post-2015 sustainable development agenda.

The full text of the letter follows:

Addis declaration must mark the start of a push on three commitments

Sir, Your editorial “Global leaders must back broader growth tactics” (July 13) on this week’s Financing for Development conference in Addis Ababa, rightly centres on the disconnect between diplomatic rhetoric and real world action when it comes to fostering development. Nowhere is this more apparent than on the issue of reforming the global trading system in support of the world’s poorest.

If we are to make 2015 the year of sustainable development, the Addis declaration must mark the start of a concerted push to deliver on three longstanding commitments.

First, governments should ratify and implement the World Trade Organisation’s Trade Facilitation Agreement (TFA) without delay. This deal – forged in 2013 but ratified by only eight governments to date – would have a transformational effect on the ability of entrepreneurs in developing countries to access global markets by reducing unnecessary red tape at borders. Implementing the TFA, which would also support broader efforts to eliminate corruption and reduce rates of food wastage, should be seen a quick win to deliver on the promise of the post-2015 development agenda.

Second, action is needed to address a growing shortage of bank finance to support trade. Trade finance is one of the safest forms of financing and has the advantage of directly promoting development through trade. According to the Asian Development Bank, there is currently a $1.9tn financing gap for trade globally – with as much as $900bn of the shortfall in developing Asian economies alone. The causes of this problem are multi-faceted: from skills shortages in the financial and commercial sectors through to the unintended effects of national financial crime policies. None will be easy to resolve, but that must not be an excuse for inaction.

Finally, it is imperative that world leaders exercise the political will to conclude the long-stalled Doha Round of trade talks after almost 14 years of periodic crises and missed deadlines. Recent reports have once again called into question whether governments will be able to meet their latest goal of striking a grand bargain by the end of the year. G20 leaders, in particular, must definitively commit to an agreement and give their negotiators the necessary latitude to deliver it. Concluding the round would send the clearest of signals that the international community is finally serious about turning words into action when it comes to enabling trade for development. We must all invest the time and effort to get the Doha deal done.

John Danilovich
Secretary General,
International Chamber of Commerce,
Paris, France

Click here to read the original letter published on July 14 by the Financial Times

Preparing for WSIS+10: ICTs Needed for Sustainable Development

Published on July 13, 2015

WSIS+10As United Nations Member States prepare for the General Assembly’s 10-year review of the World Summit on the Information Society, USCIB participated in a stakeholder consultation in New York on July 2 during which members emphasized that information and communication technologies (ICTs) facilitate the implementation of the UN Sustainable Development Goals. USCIB members also pointed out that private sector investment is critical for the continued roll-out of Internet access, so it is imperative for governments to create an environment that encourages investment in broadband and ICTs.

USCIB members had important speaking roles in the July 2 program, which featured three panels aimed at exploring (1) progress made in implementation of the WSIS outcomes, (2) ICT technology gaps and areas for continued focus in bridging the digital divide; and (3) harnessing ICTs for development going forward. Members included Joseph Alhadeff, ICC digital economy commission chair and USCIB ICT policy committee vice chair (Oracle); Carolyn Nguyen (Microsoft); Cheryl Miller (Verizon); and Chip Sharp (Cisco).

Each panel included speakers from business, civil society, and the technical community, as well as respondents from governments and stakeholder groups. The speaker’s remarks and subsequent rich commentary provided by respondents and the interactive Q&A will serve as important inputs to the UN Secretariat’s development of a “non-paper” – to be released at the end of August 2015 – which will serve as the substantive foundation for the final outcome document to be endorsed by the UN General Assembly at the High-Level Meeting in December.

USCIB, EU Environment Commissioner Discuss Post-2015 Development Agenda

Published on July 13, 2015
L-R: Commissioner Karmenu Vella (European Union), Norine Kennedy (USCIB), Ariel Meyerstein (USCIB)
L-R: Commissioner Karmenu Vella (European Union), Norine Kennedy (USCIB), Ariel Meyerstein (USCIB)

USCIB met with European Union Environment Commissioner Karmenu Vella on July 7 in New York for a productive discussion about the private sector’s role in the United Nations Post-2015 Development Agenda. Commissioner Vella addressed the need for business and government to work together on creating jobs, growth and investment for sustainable development, as well as the importance of integrating economic growth and environmental protection.

USCIB staff including Norine Kennedy, vice president for strategic international engagement, energy and the environment; and Ariel Meyerstein, vice president for labor affairs, corporate responsibility and corporate governance, as well as USCIB member Doug Nelson (Croplife) met with Commissioner Vella at the offices of the EU Delegation to the United States ahead of the Third International Conference on Financing for Development in Ethiopia this week.

Noting that the UN Post-2015 Development Agenda provides an opportunity to affect global change for the better, Commissioner Vella explained that he viewed the private sector as the solution to governments’ wishes for jobs, growth and investment. He expressed support for private sector involvement in the UN Sustainable Development Goals (SDGs), and he said that governments and businesses of all sizes must work together to protect the environment and forge a path toward sustainable development.

USCIB staff agreed with Commissioner Vella’s comments, and noted that the private sector should have more of a voice in the UN process.

“Private sector engagement should be proportional to what we’re being asked to contribute,” said Meyerstein.

Meeting attendees also discussed the Transatlantic Trade and Investment Partnership (TTIP), with Nelson explaining that the EU’s adoption of the Aarhus Convention – which grants public rights regarding access to information on environmental matters – would force companies to give away confidential business information, which would hurt American investment in the EU. Commissioner Vella said he supported TTIP as it would facilitate business between both sides of the Atlantic, including a common set of inspection criteria.

Additionally, Kennedy participated in a panel with Commissioner Vella later that afternoon on “Involving civil society in the implementation of the post-2015 agenda.” The event was organized by the European Economic and Social Committee, the Delegation of the European Union to the United Nations and the United Nations Department for Economic and Social Affairs.

USCIB thanks Commissioner Vella for his welcoming attitude towards the private sector and looks forward to future discussions about public-private collaboration on sustainable development.

USCIB has also created an online platform that showcases the private sector’s continuing contributions to sustainable development, and demonstrates the need for a role for business in the UN’s Post-2015 Development Agenda. Visit businessforpost-2015.org to learn more.

 

USCIB Adds Its Voice to Concerns with BEPS

Published on July 10, 2015

taxes-portUSCIB joined the Software Finance & Tax Executives Council and the National Foreign Trade Council in signing a letter to U.S. Treasury Secretary Jacob Lew citing concerns with the OECD’s Base Erosion and Profit Shifting (BEPS) project. The letter notes that the threat of double taxation will have a negative impact on global trade and investment.

The BEPS project is an effort by the OECD to rewrite global rules that tax profits where economic activity is generated, without imposing undue compliance costs on taxpayers.

“Throughout the BEPS process, U.S. business has been pressing for clarity,” the letter states. “The lack of clarity and threat of double taxation will create uncertainty which will have a negative impact on global trade and investment.”

Read the letter.

L-R: Grace Perez-Navarro (OECD), Carol Doran Klein (USCIB), David Camp (PwC), Pascal Saint-Amans (OECD)
L-R: Grace Perez-Navarro (OECD), Carol Doran Klein (USCIB), David Camp (PwC), Pascal Saint-Amans (OECD)

Last month, USCIB hosted its tenth annual OECD International Tax Conference in Washington, D.C., which took stock of BEPS and its impact on international trade and investment.

 

 

Private Sector’s Critical Role Recognized at UN Development Finance Conference

Published on July 9, 2015

FfDThis is a landmark year that will define the global development agenda for the next 15 years. The financing needed to achieve the United Nations Sustainable Development Goals (SDGs) by 2030 will far surpass current official development flows, so the international community will have to leverage complementary forms of financing, including from the private sector.

At the Third International Conference on Financing for Development (FfD3), in Addis Ababa, Ethiopia from July 13 to 16, UN member states will establish a new financing framework to support sustainable development for the next 15 years, following upon previous high-level gatherings in Monterrey (2002) and Doha (2008). The outcomes from FfD3 hold special importance this year, as they will set the means of implementation for the SDGs.

Negotiators in Addis Ababa will tackle a cross-cutting global policy agenda – one that touches on multiple areas of interest to USCIB members and the global business community. These include global tax harmonization, trade and investment policies, climate and energy, intellectual property, food and agriculture, and corporate responsibility issues such as transparency and anti-corruption.

USCIB has played a central role in marshaling business input into the FfD process, having worked actively with members and our global network to ensure that the private sector’s voice is heard in Addis. USCIB and its members has engaged on several occasions with the U.S. negotiating team, and USCIB Vice President Ariel Meyerstein has met with the co-facilitators of the FfD3 process as part of a delegation of the Business Steering Committee for Financing for Development, chaired by the International Chamber of Commerce Permanent Representative to the UN, Louise Kantrow.

In addition, USCIB was instrumental in organizing the conference’s Business Forum to be held on July 14, concurrently with the FfD3 Conference. The Business Forum will provide an opportunity for business participants to interact with senior government officials, business leaders and other experts, and let companies and other stakeholders showcase their initiatives related to development finance.

“The forum is a unique platform to demonstrate the value the private sector offers to sustainable development,” Meyerstein said. “A key focus will be on the business enabling environment required to attract investment to least developed countries, the role of public-private partnerships and the need for new innovative approaches to financing, such as blended finance, which uses public funds, including official development assistance (ODA), to catalyze increased private flows, particularly to least developed countries.”

USCIB lined up an impressive array of member speakers for the business forum, including Jay Collins, vice chairman of corporate investment banking at Citi; Peter Sullivan, head of the Africa public sector group at Citi; Walt M. MacNee, executive vice chairman of MasterCard; Elaine Weidman, vice president for sustainability and corporate responsibility at Ericsson; and Jay Ireland, CEO of GE Africa. Speakers will share their insights about investing in emerging markets and developing countries.

The Addis Ababa Accord, which will be adopted by UN member states at FfD3, is positive for business, as the private sector is called upon as a partner in global efforts to finance sustainable development. The policies business supports in the outcome document include an emphasis on governance and domestic resource mobilization, support for blended finance and a move away from an overly-narrow focus on official development assistance and towards an openness to modernize the measurement of ODA, including consideration of the OECD’s proposed “total official support for development” metric. Concerns remain on a proposed technology transfer mechanism and its impact on intellectual property rights protection, but overall the outcome document is positive for the international business community.

Partnerships in Post-2015: Converging Perspectives for Action

Ahead of the Addis Ababa conference, USCIB member Citigroup hosted an event on public-private partnerships on June 17 in New York. This breakfast brought together business representatives and UN delegates from over ten countries for a discussion about how private finance can be used to ensure sustainable development through investment, job creation and inclusive growth.

Speakers at the breakfast included Louise Kantrow, the International Chamber of Commerce’s permanent representative to the UN and chair of the UN FfD Business Sector Steering Committee, Robert Annibale, global director of inclusive finance and community development at Citi, Amina Mohammed, special advisor to the UN secretary general on post-2015 development and Arthur Karlin, chief strategist of the International Finance Corporation.

Participants discussed the role of the private sector in scaling up financial and technical resources for sustainable development, as well as what non-state actors can do to work more effectively together. Conversations focused on the benefits of public-private partnerships and blended finance, as well as the practical steps countries can take to scale up their access to private capital.

The well-attended event emphasized business engagement for and after FfD3. Many speakers referenced the need for rule of law, sound investment climate and investment in infrastructure, all of which are touchstones of USCIB’s advocacy on the post-2015 development agenda.

“Most interesting was the emerging recognition that there needs to be an interface for business with the UN, that was in line with transparency, accountability, conflict of interest and governance,” said Norine Kennedy, USCIB’s vice president strategic international engagement, energy and the environment, who attended the event.

USCIB has also created an online platform that showcases the private sector’s continuing contributions to sustainable development, and demonstrates the need for a role for business in the UN’s Post-2015 Development Agenda. Visit businessforpost-2015.org to learn more.

 

OECD Updates its Policy Framework for Investment

Published on July 6, 2015
Kimberly Claman (Citigroup)
USCIB member Kimberly Claman (Citigroup) speaks at the joint meeting of the World Bank and the OECD.

At last month’s annual Ministerial meeting of the Organization for Economic Cooperation and Development (OECD), the 34-member organization adopted and issued an important update to the OECD’s Policy Framework for Investment (PFI), first adopted nine years ago in 2006. Basic information on this OECD investment policy effort, including the text of PFI, the OECD’s fact sheet and press release, the Ministerial Council’s action on the PFI, and relevant background materials are available here.

The PFI offers a broad-based checklist of policy recommendations for consideration by individual governments, especially developing country governments who want to attract and retain Foreign Direct Investment (FDI).  The checklist is voluntary and has been used successfully in connection with OECD advisory services, regional FDI policy dialogues and policy review of individual countries that step forward to use this policy tool.

USCIB, both directly and through the OECD’s Business and Industry Advisory Council (BIAC) has been quite active in this effort to update the PFI.  USCIB staff and member company representatives have participated in reviews of draft versions of the update held in Paris, Brussels and Washington as well as playing a leading role in authoring detailed formal BIAC comments into the OECD drafting process.  I was honored to lead BIAC teams in the formal stakeholder consultations on PFI held in Paris and Brussels over the past year.  USCIB members Kimberley Claman of Citigroup and Nicole Bivens Collinson of Sandler Travis & Rosenberg P.A. were panelists at a joint OECD/World Bank seminar on the PFI held in Washington this spring.

Nicole Bivens Collinson (Sandler, Travis & Rosenberg)
USCIB member Nicole Bivens Collinson (Sandler, Travis & Rosenberg) speaks at the joint meeting of the World Bank and the OECD.

As in so many policy areas, in investment the critical variable is host government commitment to policy reform and implementation.  PFI is not a panacea or magic wand to attract investment. It should not be oversold. But in the hands of a government committed to policy reform in the investment area and beyond, the PFI has proven it can be a useful, practical tool to help improve investment climate to promote growth and development through FDI.

I commend the OECD for a job well done in updating the PFI and for the increased priority the organization is according to investment and FDI issues within OECD member countries and beyond.

This post was originally published on the Investment Policy Central website.

S&ED Outcomes: Investing in China

Published on July 6, 2015

S&EDLast week, the United States and China concluded their seventh meeting of the Strategic & Economic Dialogue (S&ED) in Washington, D.C.  The annual high level dialogue, which launched in 2009 to provide a forum to discuss a wide range of bilateral, regional, and global issues between the two countries, has become an integral part of the economic relationship. The meeting resulted in a number of joint strategic and economic outcomes issued by the Departments of State and Treasury which co-lead the U.S side.  The Treasury also published a U.S.-specific fact sheet on the outcomes of the economic track.

At the dialogue, both nations reaffirmed their commitment to negotiate a high-standard Bilateral Investment Treaty (BIT) and intensify negotiations.  Even before the meetings began, the BIT was considered one of the top issues on this year’s agenda.  The 19th round of BIT negotiations concluded earlier this month in Beijing, following a period of a year and a half, during which China developed its “negative list,” a compilation of areas it would like exempted from the BIT’s market-opening rules.  Despite the apparently slow process of the negotiations, China presented its list, the first the country has ever created, at the June round in Beijing, demonstrating its commitment to the negotiations.  The U.S. experts, led by USTR and State, are now reviewing the initial Chinese list in great detail.

A major outcome of last week’s S&ED, described as one of the dialogue’s most significant outcomes by U.S. Treasury Secretary Jack Lew, was China’s commitment to provide an updated negative list reflecting a commitment to open investment environments by September of this year.  This could be a key step in the negotiation process, moving discussions forward in a manner that will allow for an appropriately market opening agreement to benefit both negotiating parties.  The Treasury Department’s fact sheet explains that U.S. officials have made clear to China that their list of exceptions will have to be ‘very limited and narrow’, as well as ‘represent substantial liberalization’.

Adequate investment protection is indispensible for U.S. investors in China, as anywhere in the world.  While a successful BIT presents an opportunity for U.S. investors to gain access to new sectors in the Chinese market, without protections and narrowly tailored exclusions, the benefits remain limited.  USCIB’s Shaun Donnelly, Vice President of Investment and Financial Services, discussed the S&ED on a segment on CNBC last week, highlighting the importance of the investment talks.

Despite being the world’s two largest economies, and the destinations for about 30 percent of global foreign direct investment (FDI), the United States and China account for a relatively small share of one another’s FDI.  In 2014, Chinese FDI in the United States exceeded American FDI in China for the first time.  Given the size and dynamic nature of the Sino-American economic relationship, the importance of finishing these the BIT negotiations with a high-standard outcome cannot be overstated; a sub-standard agreement would do more harm than good.  Progress from the most recent round of negotiations and the outcomes of the S&ED provide much needed momentum to the process and hopefully, the United States and China can capitalize on this momentum, leading to a swift conclusion of a strong agreement.

Of course, other developments – be they positive or negative – continue to be relevant to American or other foreign investors looking at China, which remains a complex and challenging place to do business.  Even as we see signs of progress on the BIT, other developments send discouraging signals – from sectoral restrictions to a new NGO law that threatens to restrict independent business organizations in China.  The U.S. business community, including USCIB, will continue to focus on investment issues in China, working to encourage the two governments to provide clear protections and real market opening for potential investors in both directions.

This blog post was originally published on the Investment Policy Central website.