The Chapter includes a number of Chinese commitments to improving market access. In particular, China commits to: remove foreign equity caps on certain financial services providers by April 1, 2020, such as securities, fund management, and futures companies54 and U.S. suppliers of life, pension, and health insurance services55; expeditiously review and approve any pending license applications of U.S. credit rating services suppliers (by May 14, 2020)56; and allow subsidiaries of U.S. financial institutions to provide securities investment fund custody services (by July 14, 2020),57 while taking into account their (or their parent company’s) overseas assets to satisfy applicable asset requirements.58 For electronic payments, China agrees to ensure an improved and expeditious licensing process for U.S. electronic payment services providers.59 China also commits to take into account U.S. financial institutions’ international qualifications when evaluating applications to serve as Type-A lead underwriters for any types of non-financial debt instruments.60 China also commits to remove discriminatory regulatory requirements and processes in the insurance services sector61 and to ensure that U.S. securities, fund management, and futures companies can access China’s market on a non-discriminatory basis.62 China further commits to ensure that any new national licenses for financial asset management companies would be granted on a non-discriminatory basis.
