U.S. Principal Financial Group Supports PNTR with ChinaThe U.S. Principal Financial Group, a global retirement services leader, has urged the U.S. Congress to grant permanent normal trade relations (PNTR) status to China.Norman Sorensen, president of the company, testified Thursday before the U.S. House Committee on Banking and Financial Services that granting PNTR to China is the single most important international trade issue to be considered by the Congress. "If Congress fails to grant PNTR to China and China enters the World Trade Organization, American financial services companies will be effectively barred from the China market," Sorensen said. "If PNTR is not approved, under WTO rules China would be able to continue to block U.S. companies, while eliminating trade barriers for other countries," he said. "With PNTR, U.S. insurers and other financial services firms will be able to enter and expand in China on terms equal with our international competitors. " As a leading provider of a wide range of financial products and services globally, the Principal Financial Group is positioned to serve the future retirement needs of China's vast and diverse population, a press release of the company said. |
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