China Makes Progress in Opening up Service Trades

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Last updated at: (Beijing Time) Wednesday, July 31, 2002

China Makes Progress in Opening up Service Trades

China has made marked progress in opening up its service trades, said Gao Yan, spokeswoman for the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), here Tuesday.

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China has made marked progress in opening up its service trades, said Gao Yan, spokeswoman for the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), here Tuesday.

With membership of the World Trade Organization, China had promulgated new laws and provisions on the approval of foreign investment in important service sectors such as law, telecommunications, finance, insurance, ocean shipping, video product sales, stocks and tourism, she said at a press conference on foreign trade and investment.

During the law-making process, the government had invited opinion from all sides, including WTO members and their enterprises, she added.

A gazette, to be published by MOFTEC, about the WTO, its members, enterprises and individuals would include all the Chineselaws and provisions concerning cargo trade, service trade, trade-related intellectual property rights and foreign currency management.

China had opened up the insurance sector in Beijing and Tianjinahead of schedule, she said. Meanwhile, 14 joint-venture medical organizations, 12 agencies of law offices, one joint-venture travel agency and 10 foreign-funded distribution enterprises had been approved, she added.

Facts showed the Chinese government's attitude and ability in implementing its WTO commitments were unassailable, and China was willing to exchange views with other WTO members over its obligations, she said.

China welcomed constructive suggestions and opinions, but strongly opposed and rejected irresponsible and groundless accusations, she added.

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