In financial services:

-- China Securities Regulatory Commission will conduct a careful assessment on foreign participation in China's securities firms and its influence on China's securities market and based on the results of its assessment, will make a policy recommendation on the issue of adjusting foreign equity participation in China's securities firms.

-- The China Banking Regulatory Commission (CBRC) is to complete an ongoing scientific study of foreign participation in China's banking sector by Dec. 31, 2008. By that time, based on the policy assessment's conclusions, the CBRC will make policy recommendations on foreign equity participation.

-- China agrees to allow, in accordance with relevant prudential regulations, qualified foreign-invested companies, including banks, to issue RMB denominated stocks; qualified listed companies to issue RMB denominated corporate bonds; and qualified incorporated foreign banks to issue RMB denominated financial bonds.

-- The U.S. government remains committed to apply national treatment to Chinese banks, Chinese broker-dealers and investment advisers seeking to register and operate in the United States.

-- China Banking Regulatory Commission (CBRC) and the U.S. Securities and Exchange Commission (SEC) have agreed in principle that the signing of an exchange of letters will be done in the near future on information sharing in connection with the cross border activity of financial institutions licensed by either the CBRC or SEC.