Highlighting the new deal, U.S. beef is to be imported to China “no later than July 16” and Chinese poultry exports are to be realized “as soon as possible.”
U.S. companies that make biotech seeds have been trying to get their genetically modified seeds approved by China’s Ministry of Agriculture. Under the new plan, China is requested to make decisions on outstanding safety certificates that would eventually allow the sale of those GMO seeds in China — potentially along with other U.S. biotech products.
Credit card companies such as Visa, MasterCard and American Express have long been frustrated with the lack of access to the Chinese market. Under the new plan, China has agreed to give “full market access” to electronic payment services providers and is expected to issue implementation guidelines by mid-July.
Credit ratings agencies like Fitch, Standard & Poor’s and Moody’s have a presence in China through joint ventures, but the new deal would allow wholly foreign-owned financial services firms to provide credit ratings services in China. That’s a move that could help those agencies expand their business and help improve risk assessment in China’s corporate debt market. In addition, under the new deal, China will issue both bond underwriting and settlement licenses to two qualified U.S. financial institutions by July 16. JPMorgan Chase recently became the first U.S. bank to obtain a bond underwriting license in China outside of a joint venture. Citibank received a bond settlement license around the same time.
Plus, Under the deal, Chinese companies can begin buying liquid natural gas directly from producers in the U.S.