Banks and securities opened interbank RMB transactions in 2003.
In 2004-2005, A and B shares merged, allowing foreign investors to participate in the management of Chinese banks and funds; Open RMB exchange rate policy
In 2006, foreign banks will be allowed to fully enter the market, and geographical restrictions and customer restrictions will be lifted.
Geographical restrictions of telecom's gradual opening of value-added services in 2002
In 2003-2005, optical cable and fixed network services will be gradually opened, and the proportion of foreign investment in basic telecommunications will increase to 49%.
In 2004, the average tariff rate of agricultural products (news and quotes) should be reduced to 14.5% to 15%, and the import quota should be gradually handed over to the private sector.
Since China's entry into WTO, foreign property insurance and life insurance companies have immediately started insurance business for high-risk projects in China, and issued additional insurance nutrition licenses.
In 2002, the textile quotas of restricted countries increased by 27% on the basis of the current quota growth rate.
After China's entry into WTO, retail enterprises are allowed to establish joint ventures in Beijing, Tianjin, Shanghai, Guangzhou, Dalian, Qingdao and other special economic zones.
In 2002, foreign capital was allowed to have a controlling stake.
In 2003, all geographical, quantitative and foreign shareholding ratio restrictions were abolished.
In 2005, the average tariff rate of household appliances dropped to 10%.
The automobile quota will be phased out by 2005.
Before 2006, the tariffs on automobiles and parts will be reduced to 25% and 10% respectively.
Most-favored-nation treatment clause and transparency clause are implemented in transportation.
In 2002, China and the United States added navigation stations in different territories.
In 2003, foreign-funded enterprises were allowed to operate in expressway.
Medical service started the drug distribution service in 2003.
After China's entry into WTO, the administrative control on the import of large medical equipment was cancelled.
In 2003, foreign travel agencies were allowed to travel.
In 2005, wholly foreign-owned joint venture travel agencies were allowed, but joint venture travel agencies were not allowed to operate China people's outbound tourism business.
The opening schedule of various industries in China after China's entry into WTO.
1. Cancel the geographical restrictions on foreign banks operating RMB business in China, and immediately cancel the restrictions on the following cities after China's accession to the WTO, namely, Shanghai, Shenzhen, Tianjin and Dalian; Within 1 year after China's entry into WTO, the restrictions on Guangzhou, Qingdao, Nanjing and Wuhan will be lifted; Within two years after joining WTO2, lift the restrictions in Jinan, Fuzhou, Chengdu and Chongqing; Within three years after joining WTO3, the restrictions on Beijing, Zhuhai, Xiamen and Kunming will be lifted; The restrictions on Anyang, Shenyang and Shantou will be lifted within four years after China's accession to the WTO, and all geographical restrictions will be lifted within five years after China's accession to the WTO, so that foreign banks can blossom everywhere.
2. Cancel the customer restrictions on foreign banks operating RMB business in China, and allow foreign banks to provide RMB business services to China enterprises within two years after joining WTO2, that is, liberalize RMB wholesale business; Within five years after China's entry into WTO5, foreign banks will be allowed to provide RMB business services to China residents, that is, the RMB retail business will be liberalized.
Countermeasures: reform the existing governance structure of state-owned commercial banks; Improve the operating environment of state-owned commercial banks; Formulate a foreign bank law as soon as possible.
Timetable for market opening of commercial service industry
Wholesale service: before 200 1 1, foreign investors are allowed to hold the majority equity of the joint venture company, and then the geographical or quantitative restrictions are lifted; Before 2003, the restrictions on the ownership and form of enterprises will be lifted; Before 1, foreign holding was allowed in 2002. Joint ventures are allowed in all provincial capitals, Chongqing and Ningbo.
Retail: after China's entry into WTO, joint ventures are allowed to be established in five special economic zones as well as Beijing, Shanghai, Tianjin, Guangzhou, Dalian, Qingdao, Zhengzhou and Wuhan; In Beijing and Shanghai, four joint venture retail enterprises are allowed to be established, and in other places, up to two joint ventures can be established; Two joint ventures in Beijing can open branches in the city; Before June 5438+0, 2003, the restrictions on all regions, quantity and foreign shareholding ratio will be lifted; Department stores with more than 20,000 square meters and chain stores with more than 30 branches are still allowed to be operated by joint ventures with foreign capital holding less than 50%.
Countermeasures: the state-owned retail industry should develop unified procurement, distribution and chain operation; The focus of joint venture retail investment is shifted to small and medium-sized cities, and the proportion of investment in different commercial formats is adjusted.
Tourism opening schedule
Travel agencies are allowed to hold a majority stake in joint venture travel agencies within three years after China's accession to the WTO, and to set up wholly-owned travel agencies within six years, eliminating geographical restrictions and restrictions on the establishment of branches; After China's entry into WTO, foreign investors can hold a majority stake in a joint venture hotel, and within four years, access will no longer be restricted, and they can be wholly foreign-owned.
China Telecom Service Industry Opening Timetable
Within 1 year after China's entry into WTO, network services (mainly ISP); ) will be initially opened; In the second year of China's entry into WTO, the geographical restrictions on value-added services will be gradually liberalized, with emphasis on mobile communication, wireless paging and Internet services. In the third year of China's entry into WTO, cable networks and optical cables began to be liberalized, and the geographical restrictions on value-added services were completely abolished. Cancel tariff restrictions on high-tech products such as semiconductors, computers, computer equipment and telecommunications equipment; In the fourth year of China's entry into WTO, the proportion of foreign investment in basic telecommunications has gradually increased from 25% in the initial stage of liberalization to 49%; In the field of telecom value-added services such as paging service and data compression and forwarding, the proportion of foreign ownership has gradually increased from 30% in the initial stage of liberalization to below 50%; In the fifth year of China's entry into WTO, the geographical restrictions on foreign investment in the import of pagers and mobile phones and domestic fixed-line telephone services will be gradually lifted. Complete the open network service; In the sixth year of China's entry into WTO, wired networks and optical cables were fully opened. The traditional monopoly pattern of China telecom service industry has been basically broken, forming a competitive market.
Countermeasures: selectively establish regional telecommunications alliances; Institutional innovation, etc.
(The above contents and data are for reference only. If there is any discrepancy, please refer to the commitment announced by MOFTEC on February 65438+February 1 1. )
China became a full member of the World Trade Organization (WTO) on February 0, 2006. The China government began to exercise its rights as a full member of the World Trade Organization, including most-favored-nation treatment and national treatment, and will also undertake relevant obligations as a full member of the World Trade Organization, including lifting some restrictions and opening up some economic fields according to the timetable for China's accession to the WTO.
According to China's previous WTO commitments, the provisions implemented from 2006 54 38+0 65 438+02 65 438+06 54 38+0 include:
Banking and insurance:
China Municipal Government will lift the restrictions on foreign exchange clients of foreign-funded financial institutions on June 5438+February 1 1. The clients of foreign-funded financial institutions engaged in foreign exchange business can be expanded to all units and individuals in China, but the working capital or capital must be increased accordingly, and the financial business license or legal person license must be replaced.
From 65438+February 1 1, foreign-funded financial institutions located in Shanghai and Shenzhen are allowed to formally engage in RMB business, while foreign-funded financial institutions located in Tianjin and Dalian can apply for RMB business.
From 65438+February 1 1, foreign-funded non-bank financial institutions can apply for the establishment of wholly-owned or joint-venture auto finance service companies to handle auto consumption credit business in accordance with the relevant management measures to be announced by the People's Bank of China.
From 65438+February 1 1, foreign investors can apply for the establishment of wholly-owned or joint-venture financial leasing companies to provide financial leasing services in accordance with the provisions of the Measures for the Administration of Financial Leasing Companies promulgated by the People's Bank of China. The People's Bank of China will accept applications from foreign-funded financial institutions in accordance with the revised Regulations on the Administration of Foreign-funded Financial Institutions in People's Republic of China (PRC) and the Detailed Rules for the Implementation of the Regulations on the Administration of Foreign-funded Financial Institutions in People's Republic of China (PRC). The application for establishment submitted by a foreign-funded financial institution to the People's Bank of China is still valid, but the applicant must supplement the application materials according to the revised regulations.
In addition, foreign-funded non-life insurance companies will be allowed to set up branches or joint ventures in China, and the foreign-funded share ratio of joint ventures can reach 51%; When a foreign-funded life insurance company establishes a joint venture company in China, the proportion of foreign shares shall not exceed 50%, and the foreign party is free to choose the joint venture partner, and the investors of the joint venture company are free to conclude the joint venture terms, as long as they are within the scope of the commitments made in the schedule; For foreign insurance brokerage companies, the ratio of foreign shares of joint venture insurance brokerage companies can reach 50%.
Foreign life insurance companies and non-life insurance companies provide services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan.
Foreign-funded non-life insurance companies engage in "master policies" and large-scale commercial insurance without geographical restrictions, provide non-life insurance services for overseas enterprises, provide property insurance for foreign-invested enterprises in China, and provide related liability insurance and credit insurance services; Foreign-funded (re-) companies provide life insurance and non-life insurance reinsurance business in the form of branches, joint ventures or wholly-owned subsidiaries, and there are no geographical restrictions and restrictions on the number of business licenses issued.
There is no economic demand test (that is, quantity limit) for the issuance of business licenses of insurance companies.
Regarding the insurance "master policy" brokerage business, national treatment will be implemented. Foreign insurance brokerage companies can handle business in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan.
Retail service industry:
Sino-foreign joint ventures can be established in five special economic zones, as well as Beijing, Shanghai, Tianjin, Guangzhou, Dalian, Qingdao, Zhengzhou and Wuhan.
Telecom industry:
For value-added services (including Internet services) and paging services, Shanghai, Guangzhou and Beijing allow foreign investors to hold 30% minority shares in joint ventures.
For mobile voice and data services, joint ventures with a minority (25%) foreign shares can do business in Shanghai, Guangzhou, Beijing and these cities.
Asset management industry:
A joint venture with a minority share of foreign capital (33%) can engage in the management of domestic securities investment funds.
A foreign party may hold a majority stake in a joint venture management consulting company.
Accounting industry:
Foreigners who pass the qualification examination of certified public accountants in China will receive national treatment, that is, they can form accounting firms by partnership or merger; The existing joint venture company is not limited to employing accountants with the qualification of certified public accountants in China.
Construction industry:
Foreign capital can hold a majority stake in a joint venture construction enterprise.
Tourism:
Foreign capital can hold a majority stake in Sino-foreign joint venture hotels, and access is unrestricted within four years, and it can be wholly owned by foreign capital.
China's Commitment to Join the WTO
China's accession to the World Trade Organization has made four commitments, namely, reducing tariffs, reducing and eliminating non-tariff barriers, agricultural commitments and opening up the service industry.
In terms of tariff concessions, China promised to reduce the average tariff level from 15% to 10% by 2005. Reducing tariffs is the need of China's reform and opening-up, a "catch-up lesson" after China's entry into the World Trade Organization, and a trend of production globalization.
With regard to reducing and eliminating non-tariff barriers, namely import quotas and licenses, China promised to eliminate all 400 import quotas by 2005. Because in 2005, all members of the World Trade Organization will cancel the import quota license, and it is appropriate for China to promise to cancel it.
In agriculture, according to the Sino-US agricultural cooperation agreement reached between China and the United States, China promised to lift the export ban of TCK wheat in seven American States; Let more than 6,000 meat processing plants in the United States export to China.
In the service industry, China promised to gradually open the banking, insurance, tourism and telecommunications markets.
List of industries opening to the outside world after China's entry into WTO
Banking: According to the promise of joining the WTO, the China government will lift the restrictions on foreign exchange clients of foreign-funded financial institutions today. The clients of foreign-funded financial institutions engaged in foreign exchange business can be expanded to all units and individuals in China, but the working capital or capital must be increased accordingly, and the financial business license or legal person license must be replaced.
Insurance industry: The China Municipal Government will allow foreign-funded non-life insurance companies to set up branches or joint ventures in China from today, and the foreign-funded share ratio of joint ventures can reach 565,438+0%; When a foreign-funded life insurance company establishes a joint venture company in China, the proportion of foreign shares shall not exceed 50%, and the foreign party is free to choose the joint venture partner, and the investors of the joint venture company are free to conclude the joint venture terms, as long as they are within the scope of the commitments made in the schedule; For foreign insurance brokerage companies, the ratio of foreign shares of joint venture insurance brokerage companies can reach 50%.
Telecommunications: Two laws and regulations restricting foreign investment in China's telecommunications industry officially became invalid today. Namely, the Interim Measures for Liberalizing the Examination and Approval Management of Telecommunication Services and the Interim Provisions for Liberalizing the Market Management of Telecommunication Services. Starting today, Shanghai, Guangzhou and Beijing will allow foreign investors to hold a minority stake of 30% in the joint venture for value-added services (including Internet services) and paging services. Foreign investment in mobile voice and data services is in the minority? 25%? Joint ventures can do business in Shanghai, Guangzhou, Beijing and these cities.
Construction industry: starting today, foreign companies are allowed to set up joint ventures and cooperative enterprises in China, enjoying national treatment within three years, and foreign companies are allowed to set up wholly-owned enterprises within three years, except for high-grade real estate projects? There are no restrictions on other projects except high-end hotels, high-end apartments and golf courses. Retail service industry: Sino-foreign joint ventures can be established in five special economic zones, as well as Beijing, Shanghai, Tianjin, Guangzhou, Dalian, Qingdao, Zhengzhou and Wuhan.
Accounting industry: foreigners who pass the qualification examination of certified public accountants in China will receive national treatment, that is, they can form an accounting firm by partnership or merger; The existing joint venture company is not limited to employing accountants with the qualification of certified public accountants in China.
Progress in Opening-up of China's Key Industries in the Past Three Years after China's Entry into WTO
According to the commitment of joining WTO, the general tariff level of China will be reduced to 10. 1% in 2005, in which the average tariff of industrial products will be reduced to 9.3% and the average tariff of agricultural products will be reduced to 15.6%. All non-tariff measures will be cancelled; The transition period enjoyed by important service sectors such as banking, securities, insurance and distribution will gradually end.
Automobile: On June 65438+1 October12005, China will cancel the automobile quota and license management, and the automobile tariff will be reduced to 30% and the automobile parts tariff to 13%. On July 1 day, 2006, the tariff on automobiles was reduced to 25%, and the average tariff on spare parts was reduced to 10%. Agriculture: In 2005, the tariff level of agricultural products in China will drop to 15.35%, and the tariff quota will reach the highest point, among which the tariff quota of wheat and corn will reach 10.7% and 6% of domestic output.
Banks: Three years after China's entry into WTO, China will open RMB business in Kunming, Beijing, Xiamen and other cities to foreign banks. In 2006, restrictions on the ownership, operation and establishment of foreign banks were lifted, including the issuance of branches and licenses, and foreign banks were allowed to provide RMB services to customers in China.
Securities: Since joining the WTO, China has allowed foreign service providers to set up companies to manage domestic securities investment funds, with the highest proportion of foreign investment reaching 33%. Within three years after China's entry into WTO, foreign capital can be increased to 49%, and foreign securities companies are allowed to set up joint ventures, with foreign capital holding no more than one-third of minority shares. A joint venture may engage in underwriting A shares, underwriting and trading B shares and H shares, government and corporate bonds, and initiating funds.
Insurance: After 2005, China will cancel the geographical restrictions on insurance business, allow foreign-funded insurance companies to provide health insurance, group insurance and pension/annuity services, cancel the compulsory reinsurance clause, lower the total assets requirements for foreign-funded brokerage companies, and allow the establishment of wholly-owned insurance brokerage companies.
Telecommunications: In the field of personal communication services, since joining the WTO, foreign service providers are allowed to set up joint ventures in Shanghai, Guangzhou and Beijing and provide services within and between these cities. The foreign investment in a joint venture shall not exceed 25%; Within 1 year after China's entry into WTO, the region will be expanded to 17 cities, and the proportion of foreign investment will not exceed 35%; After joining the WTO for three years, foreign investment shall not exceed 49%. In 2007, China will cancel the geographical restrictions on basic telecommunications, and foreign shares will be allowed to reach 49%.
Retail services: within three years after China's accession to the WTO, foreign service providers will be allowed to engage in the retail of drugs, pesticides, agricultural films and refined oil products, and the restrictions on franchise and wholesale or retail services without fixed places will be lifted. In addition to the above-mentioned service trade areas, after 2005, wholly foreign-owned enterprises will be allowed to be established in construction, tourism, transportation and other industries.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.