既然今日WTO裁定美國收支國關稅係違法
我地又睇開支國加入WTO咁耐 又有無有無兌現承諾
係2011年舊文 不過都有D參考性 因為我唔覺得有好大分別 有錯請指正
BANKING
WHAT CHINA PROMISED:
Foreign banks will be allowed to conduct domestic yuan currency business with Chinese firms two years after WTO accession and with Chinese individuals after five years. Geographic restrictions will disappear after five years.
WHERE IT STANDS NOW:
China on December 11, 2006 introduced rules allowing foreign banks that set up locally incorporated units to do yuan retail business -- exactly five years after its WTO accession. The first batch of foreign banks actually started setting up such units in 2007.
There are now about 40 China-incorporated units of foreign banks though only a handful, including HSBC Holdings Plc, Citigroup Inc and Standard Chartered Plc, have retail banking operations.
Foreign banks only have an estimated 2 percent market share as they struggle to compete with local players that have far-reaching networks and stronger branding. Foreign bankers say in private that slow approvals of new branches have hindered them from expanding as quickly as they would like.
SECURITIES
WHAT CHINA PROMISED:
China will let minority foreign-owned joint ventures into fund management on the same terms as Chinese firms. Three years after accession, foreign firms will be allowed 49 percent stakes in joint ventures.
WHERE IT STANDS NOW:
There are 11 Sino-foreign securities ventures. Global investment banks including Goldman Sachs, Morgan Stanley and UBS have all established a foothold in China.
The underwriting business has been dominated by domestic brokerages, although the JVs of foreign banks such as UBS and Deutsche Bank have pushed into initial public offering deals.
In the fund management space, 38 foreign firms including Morgan Stanley, BNP Paribas and JPMorgan have set up joint ventures in China, a market crowded with 67 players. The JVs, where foreigners are allowed to have a maximum 49 percent holding, have just under half of China’s 2.3 trillion yuan mutual fund market.
INSURANCE
WHAT CHINA PROMISED:
China will allow “effective management control” in life insurance joint ventures, although it will limit foreign stakes to 50 percent. Foreign firms can choose their China joint venture partners freely.
China will phase out geographical restrictions in three years, allow foreign insurers into group, health and pensions over five years and permit wholly owned non-life subsidiaries in two years. Foreign insurers were largely restricted to Shanghai and Guangzhou.
WHERE IT STANDS NOW:
The 25 Sino-foreign life insurance ventures control less than 6 percent of total market share. In contrast, China’s top four life insurers, including China Life, Ping An, New China Life Insurance Co and China Pacific Insurance (Group) Co, control 65 percent of the market.
Foreign life insurers are not subject to geographical restrictions in China, but the pace of expansion into new provinces is tightly controlled by the China Insurance Regulatory Commission, the industry watchdog.
Their Chinese rivals have much bigger sales forces and enjoy better relations with commercial banks -- an important sales channel for insurance products in China. Foreign life insurers also face challenges from Chinese banks, who have been rushing into the insurance industry in recent years.
In property and casualty, 20 foreign insurance companies own a combined 1 percent market share. The top Chinese player, PICC Property and Casualty Co, owns 38 percent. Foreign property and casualty firms are still barred from conducting third-party liability auto insurance in China, though they have been granted access to the commercial auto insurance market.