U.S.-China Trade: Summary of 2003 World Trade Organization Transitional Review Mechanism for China Page: 54 of 101
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Summary of issues by theme Raised by Raised by China's response
United other WTO
Time schedule for China's issuance of Writtena Administrative Regulation on Foreign-Invested
Regulations on the Administration of Insurance Companies and working on the
Foreign-Invested Insurance Companies. revision of the Administrative Regulation on
Insurance companies, where consideration
was being given to the possible relaxation of
capital requirements for the establishment of
new branches. However, this capital
requirement was aimed at prudential regulation
and was irrelevant to China's accession
Allowance of geographic expansion of Written,a The representative of China referred to the
joint venture insurers with more than 50 Verbalf question by the United States-whether a joint
percent foreign ownership in the current venture with foreign ownership exceeding 50
ownership structure. percent would be allowed to set up branches.
He replied in the affirmative, and added that
after geographical restrictions had been lifted
three years after accession, according to
relevant laws and regulations, all joint venture
insurance companies would be allowed to
establish branches. (Verbalf)
China's implementation of its Written,a Australia - Concerning future liberalization of insurance
commitment to open its pension market Verbalf Verbalf services, China had made enormous efforts to
to international participation by comply with the broad and substantive
11 December 2004. commitments in this sector. For the phase-in
commitments in the insurance sector (e.g.
elimination of geographical restrictions and the
opening of pension services), China would
implement its commitments in due time. It was
not appropriate to discuss future liberalization
in the context of the TRM. (Verbalf)
Foreign life operations' ability to receive EC - With regard to the so-called national treatment
several branch licenses at one time or Written,b for the approval of the number of branches of
on a "one application for one city" basis, Verbalf foreign insurers, it was not appropriate to set
unlike domestic companies. up a compulsory number of licenses to be
issued to foreign insures by CIRC at one time.
Licenses were issued on the basis of
prudential principle. China did not agree that
the national treatment meant that CIRC had to
issue licenses to branches of foreign insurers
as many as their domestic counterpart. And
there was not such a commitment in China's
Application of contemplated reduction in EC -
minimum capital requirements to Written,b
reinsurance branches. Verbalf
Permission for licensed foreign-invested Japan -
insurers in Shanghai, Guangzhou, Writtenc
Dalian, Shenzhen and Foshan to
provide services nationally based on
Relationship between different capital Japan -
and license requirements; relationship Writtenc
between regional and national licenses
under Insurance Company
Administrative Measures and Rules of
Regulations on Administration of
Foreign-Funded Insurance Companies.
Permission of all joint-venture insurers Japan -
to issue insurance contracts Written,c
GAO-05-209R U.S.-China Trade
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United States. Government Accountability Office. U.S.-China Trade: Summary of 2003 World Trade Organization Transitional Review Mechanism for China, text, January 25, 2005; Washington D.C.. (https://digital.library.unt.edu/ark:/67531/metadc301428/m1/54/: accessed May 21, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.