Testifying before the U.S. House of Representatives Committee on Banking and Financial Services, Norman Sorenson, president of Principal Financial's international division, called for an upgrade in China's trade status so the U.S. financial services industry can tap China's pension and retirement markets.

"If Congress fails to grant permanent normal trading relations to China and China enters the World Trade Organization, American financial services companies will be effectively barred from the China market," Sorenson 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."

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.