TITLE

Banking on China's WTO Commitments: ‘Same Bed, Different Dreams’ in China's Financial Services Sector

AUTHOR(S)
Crosby, Daniel C.
PUB. DATE
March 2008
SOURCE
Journal of International Economic Law;Mar2008, Vol. 11 Issue 1, p75
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Foreign banks and the Chinese Government have different dreams about the business opportunities and obligations that arise under China's World Trade Organization (WTO) commitments on financial services. This article provides an overview of China's banking sector reforms and its gradual opening to foreign participation in the context of General Agreement on Trade in Services (GATS) rules governing international trade in financial services and the obligations that apply since China's WTO accession in December 2001. The article highlights the contradictory interpretations that China and other Members have issued regarding China's GATS commitments and provides a framework for assessing the WTO consistency of China's banking measures. An analysis is conducted under this framework to evaluate whether China has fully implemented its GATS commitments on (i) the acquisition of Chinese banks by foreign financial institutions, (ii) legitimate ‘prudential regulation’ in the banking sector, and (iii) full market access for credit card and electronic payment services. Notwithstanding the apparent complexity of GATS rules, the article concludes that the WTO legal framework supports the case for increased access to China's financial services market consistent with its GATS commitments, and fully consistent with China's plans for continuing domestic growth and its medium-term financial services export interests.
ACCESSION #
44549043

 

Related Articles

  • Is the World Ready for Free Trade? Carlisle, Charles R. // Foreign Affairs;Nov/Dec96, Vol. 75 Issue 6, p113 

    Presents the essay `Is the World Ready for Free Trade.'

  • Reluctant Partners. Caryl, Christian; Lee, B. J.; Schafer, Sarah; Conant, Eve; Takayama, Hideko // Newsweek (Pacific Edition);2/14/2005 (Pacific Edition), Vol. 145 Issue 7, p26 

    Focuses on the international economic relations of North Korea with South Korea and China. Reference to economic reforms taken up by North Korean leader Kim Jong Il in 2002; Increase of international trade between North Korea and China; Increase of economic integration between North and South...

  • China lodges solar complaint.  // Modern Power Systems;Dec2012, Vol. 32 Issue 12, p6 

    The article reports on the complaint of the Chinese government to the World Trade Organization (WTO) regarding the commercial practices in the European Union (EU), accusing that Greece and Italy had unfairly favoured solar panel suppliers.

  • U.S.-PRC Trade-Related Negotiations in the 1990s: Two-Level Game Analysis and Explanations. Ming Xia // Issues & Studies;Apr96, Vol. 32 Issue 4, p60 

    This article examines three cases of bilateral negotiations between the United States and the People's Republic of China (PRC) in the 1990s: the PRC'S most-favored-nation (MFN) status, intellectual property rights (IPR) protection, and the PRC's entry into the General Agreement on Tariffs and...

  • Why US and China should negotiate. Bachus, Spencer T. // Journal of Commerce (1542-3867);2/26/2007, Vol. 8 Issue 8, p58 

    The author calls upon the U.S. and China to complete negotiations for a financial services agreement. Topics discussed include resolving the growing trade imbalance with China, the financial services agreement with Japan as a blueprint, pursuit of growth policies without large imbalances and...

  • Susan C. Schwab: United States Trade Representative.  // China Business Review;Nov/Dec2008, Vol. 35 Issue 6, p17 

    The article discusses the contributions of the U.S.-China Business Council (USCBC) to the trade and economic relations between the U.S. and China. Major roles played by USCBC include expanding the U.S.-China trade, maintaining stable economy during times of political turbulence and urging the...

  • CHINA AND THE WTO: PROGRESS, PERILS, AND PROSPECTS. Yu, Peter K.; Chang, Gordon G.; Cohen, Jerome A.; Economy, Elizabeth C.; Hom, Sharon K.; Qi Li, Adam // Columbia Journal of Asian Law;Fall2003, Vol. 17 Issue 1, p1 

    Presents the text of a panel discussion on the effects of China's entry into the World Trade Organization (WTO) on December 11, 2001. Implications of the accession for China's legal system; Problmes facing China as it attempts to meet its WTO obligations; Assessment of China's WTO...

  • Ten years on.  // China Economic Review (13506390);Dec2011, Vol. 22 Issue 12, p6 

    The article reports on the tenth anniversary of China's accession to the World Trade Organization (WTO). It mentions that China has failed to meet several of the original conditions for its entry into the WTO such as opening its telecommunication and financial sectors to foreign competition...

  • Crackdown! Field, Alan M. // Journal of Commerce (1542-3867);2/27/2006, Vol. 7 Issue 9, p30 

    Presents information on a review conducted by the U.S. Trade Representative (USTR) regarding the new phase in U.S.-China trade relations as of February 2006. Trade problems encountered by U.S. representative offices in China during the mid-1990s; Views of U.S. companies regarding market...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics