'Vague assurances' of broadened market access for US financial institutions rarely become reality, lawmakers complain
The agreements reached during the Strategic Economic Dialogue talks between the mainland and the US in Washington this week failed to placate critics in the US Senate, who lashed out at the moves as too little too late.
Many now advocate legislation to force the Bush administration to impose sanctions on Beijing.
'For years we have heard vague assurances of greater market access for American financial institutions, but they rarely seem to become reality from China,' Democratic Senator Charles Schumer, a leading critic of Beijing, said in a statement. 'In addition, there is a glaring omission to the White House press release: an eight-letter word, 'currency'.'
The two-day economic summit ended on Wednesday.
US Secretary Treasury Henry Paulson and Vice-Premier Wu Yi announced new agreements that will lift a ban on new foreign firms and joint-ventures entering the mainland's securities industry and allow overseas banks to offer yuan-denominated credit and debit cards.
