Service trade officially opened to the outside

As learned from the Ministry of Commerce since December 11 China has officially opened relevant business in service trade such as basic telecommunications in accordance with the promises China made when joining the WTO.

Starting from December 11 China would open its basic telecommunications business to the outside to a limited extent. Foreign investment can set up joint ventures in Shanghai, Guangzhou and Beijing with a stake of 30 percent and provide services in and among these cities. Another 14 cities including Shenzhen and Hangzhou will open abovementioned business by next year.

Starting from December 11 there would be no locality limits on foreign firms engaged in commercial retail and distribution. Designated operation for five kinds of goods and materials such as steel has been repealed since December 11. In service trade areas such as insurance, securities, banking and financing, tourism, transportation and storage relevant locality limits and business scope limits on foreign companies have also been annulled on the same day.

By People's Daily Online