URGENT/ACTION REQUESTED
[14294]
January 4, 2002
TO: INTERNATIONAL COMMITTEE No. 2-02
RE: DRAFT INSTITUTE COMMENT LETTER ON CHINA’S PROPOSED RULES ON JOINT
VENTURES
On December 21, 2001, the China Securities Regulatory Commission (CSRC) proposed
rules that would permit foreign institutions, including US firms, to enter into joint ventures
with Chinese companies to provide asset management services in China.1 The Institute
provided comments to the US Department of Treasury informally that were relayed to Chinese
authorities before the close of the relatively short comment period, which ended on December
31, 2001.
We are planning to submit the attached comment letter directly to the CSRC, which we
understand will accept submissions after the comment deadline. Please review the comment
letter (and the two English translations of the proposed rules) and provide me with any
comments by Thursday, January 10, 2002. If you have any questions, please contact me at (202)
326-5810 or jchoi@ici.org.
Jennifer S. Choi
Associate Counsel
Attachments
Attachment no. 1 (in .pdf format)
1 Under the World Trade Organization (WTO) accession agreement, foreign firms will be able to own up to
33% of a Chinese asset management firm upon China’s accession into the WTO and up to 49% of an asset
manager within three years thereafter. China acceded to the WTO on December 11, 2001.