第六轮中美战略与经济对话框架下经济对话联合情况说明（中英对照）

IV. Fostering Financial Stability and Reform

四、支持金融稳定和改革

Both sides recognized the importance of strong, stable financial systems to achieve sustainable and balanced growth.  Both sides committed to undertake the following measures to support further reforms and enhance supervision in their respective financial sectors, promote bilateral cooperation, and enhance cooperation under the G-20, Financial Stability Board, and other multilateral frameworks, so as to support global financial stability.

双方认识到强劲、稳定的金融系统对实现可持续、平衡增长的重要性。双方承诺采取以下措施以支持进一步推动各自金融领域改革并加强金融领域监管，推进双边合作，加强在G20、金融稳定理事会等多边框架下的协作，支持全球金融稳定。

China intends to continue the opening-up of the securities and futures sectors, and to actively study policies concerning the further expansion of the business scope of newly established securities joint ventures.  China is actively studying further opening up of the banking sector (including equity participation by foreign investors) and securities sector, based on ongoing assessment and improvement of the prudential regulatory framework.

中方将继续推进证券期货行业对外开放，并积极研究扩大新设立的合资证券公司业务范围的有关政策。中方正在持续评估和完善审慎监管基础上，积极研究进一步扩大银行业对外开放（包括对外国投资者的股权开放）和证券业对外开放。

China welcomes foreign companies to submit applications for approval of new internal branches under China’s procedures, including the Administrative Measures for Market Access of Branch Offices of Insurance Companies, and commits to review and issue decisions on such applications within the timeframes set forth in such Measures.

中方欢迎外资公司根据包括《保险公司分支机构市场准入管理办法》在内的程序要求提出设立新的内部分支机构的申请，并承诺在该类办法要求的时限内审核和发布决定。

The United States reconfirms its transparent process for submission and consideration of requests to establish insurance subsidiaries and branches.

美方再次确认关于保险机构提交设立子公司和分支机构申请和有关审核的透明程序。

To support the safe development of China’s debt and derivatives markets, China intends to revise as soon as possible relevant laws and regulations to recognize the enforceability of close-out netting and collateral enforcement for securities, commodity, and derivatives contracts, and to clarify the rights of creditors in insolvency, consistent with such recognition.  Chinese companies are allowed, subject to permission or registration requirements, to write enforceable guarantees on offshore bonds to foreign investors.

为促进中国债务和衍生品市场的稳健运行，中方计划尽快修改有关法律法规，允许对证券合约、大宗商品合约和衍生品合约强制执行终止净额结算和进行抵押品强制执行，并相应明确破产情形下债权人的权利。中国公司可在履行必要的许可或登记手续后，为向外国投资者发行的离岸债券提供可执行的担保。

The United States and China commit to enhance technical cooperation on the development and regulation of local government bond markets, including issuance structures, disclosure practices, tax issues and developing a broad investor base.  The two sides welcome the mutual participation of investors and qualified financial firms from the United States and China in the local government bond market in accordance with the law and relevant regulations.

中美双方承诺在地方政府债券市场发展和监管方面加强技术合作，包括发行结构、披露实践、税收事务和建立广泛的投资者基础等，双方欢迎两国投资者和合格金融公司依法相互参与地方政府债券市场。

To support more transparent and resilient market-based funding, the United States and China commit to an information sharing process on shadow banking risk and policy measures through the Financial Stability Board (FSB).  The two countries intend to enhance bilateral cooperation and share experiences on the regulation of money market funds (MMFs) and internet finance in their respective jurisdictions.  The United States and China also commit to participate in a peer review of national implementation of the FSB’s shadow banking policy recommendations in 2015.

为增强市场融资透明度和活力，中美双方承诺通过金融稳定理事会（FSB）就影子银行风险和政策措施进行信息交流。两国将加强双边合作，分享各自对管辖区内货币市场基金和互联网金融的监管经验。中美双方承诺参与2015年对FSB影子银行政策建议在各国执行情况的同行审议。

China intends to accelerate the establishment of a deposit insurance system and improve the market exit mechanism for financial institutions, including through issuing regulations on bank resolution.

中方将加快建立存款保险制度，完善金融机构市场化退出机制，包括出台银行处置条例。

The United States applies the Volcker Rule through implementing regulations that, consistent with statute, addresses concerns about the impact on foreign banking entities.  The United States remains willing to meet with interested parties, including Chinese entities, to discuss implementation of the Volcker Rule.

美方实施沃尔克规则时，将在不违反法律规定的前提下，解决对外国银行机构影响的关切。美方愿与包括中国实体在内的利益相关方会面，讨论沃尔克规则的实施。

The United States and China welcome the implementation of the G-20 commitment to centrally clear standardized Over-the-Counter (OTC) derivatives, to reduce systemic risk, improve transparency, and protect against market abuse, and subsequent international regulatory frameworks and standards.  The United States and China are to accelerate relevant work by providing information regarding our respective processes and frameworks for making equivalence or comparability decisions, and to actively consider the establishment of equivalence or substituted compliance arrangements to assess whether relevant aspects of each other’s OTC derivative market participants and infrastructures are regulated in a manner that achieves similar regulatory outcomes, subject to each of our respective laws, rules, and supervision and enforcement regimes, as well as core policy objectives.

中美两国欢迎落实G20关于集中清算标准化场外衍生品（OTC）以减少系统性风险、提高透明度和防范市场滥用的承诺以及相关的国际监管框架和标准。中美两国将尽快开展相关工作，提供有关各自做出等效或可比决定的过程和框架信息，积极考虑建立等效或替代合规安排，根据各自法律法规、监管和实施机制以及核心政策目标相互评价对场外衍生品市场的参与者和基础设施的监管是否实现类似的监管结果。

On the Foreign Account Tax Compliance Act, the United States and China welcome reaching an agreement in substance on an intergovernmental agreement (IGA) to fight tax evasion.  As the two sides have reached the IGA in substance, the United States commits to treat Chinese financial institutions as deemed-compliant.  The United States and China commit to continue strengthening communication and cooperation, and sign the IGA by the end of 2014.

中美两国欢迎双方实质达成关于《海外账户税收合规法案》（FATCA）的政府间协议（IGA）以打击逃税。鉴于双方已实质达成政府间协议，美方承诺将中资金融机构视为合规。双方承诺继续加强沟通与合作，年底前正式签署协议。

Both sides commit to hold discussions on requirements to avoid imposition of U.S. withholding tax on interest paid on renminbi-denominated bonds issued by U.S. issuers.  In particular, the discussions are to focus on the requirements of the U.S. Internal Revenue Service’s Qualified Intermediary Program, and the due diligence and documentation requirements to determine the eligibility of a payee for the portfolio interest exemption from U.S. withholding.

中美双方承诺就美国发行人发行的人民币计价债券免缴利息预提所得税需符合的要求进行讨论，特别是重点讨论美国国税局预提税合格中介计划以及确定投资组合利息受益人是否有资格获得预提税豁免所需的尽职调查和相关文件要求。

The U.S. and Chinese supervisors commit to discuss broader supervisory frameworks and practices for multi-regional data processing servicers through their bilateral banking supervisory conference.

中美监管部门承诺通过银行业监管会议讨论对跨地域信息处理服务商更为广泛的监管框架和实践。

Both the United States and China support the objective of one single set of high quality global accounting standards and reiterate their commitment to convergence on high quality accounting standards.  Both sides commit to continue their efforts to ensure consistent application of accounting standards and to strengthen communication and cooperation on accounting.

中美双方共同支持建立全球统一高质量会计准则的目标，重申致力于高质量会计准则的趋同工作，双方承诺继续通过努力确保会计准则的一致应用和加强两国会计交流和合作。

The United States and China continue to enhance cross-border cooperation on audit oversight of public companies.  Based on mutual respect for the national sovereignty of each country, the two sides have committed to establishing a cooperation mechanism of audit oversight that is consistent with each other’s domestic laws and regulations.

中美双方将继续加强对公众公司审计监管的跨境合作。在相互尊重主权的前提下，双方承诺建立一个符合两国法律法规的日常监管合作机制。

The United States and China support continued progress in the cooperation between their competent authorities in the competent authorities’ enforcement investigations in the securities sector through the use of information-sharing mechanisms pursuant to existing international cooperation arrangements.

中美双方支持通过现有国际合作协议框架下的信息共享机制，继续推进有关主管机构之间在证券领域的执法调查合作。