U.S.-China Trade: Summary of 2003 World Trade Organization Transitional Review Mechanism for China Page: 59 of 101
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aCommunication from U.S.: S/FIN/W/35; dated 11/24/03.
bCommunication from European Communities: S/FIN/W/32; dated 11/12/03.
cCommunication from Japan: S/FIN/W/30; dated 9/29/03.
dCommunication from Chinese Taipei: S/FIN/W/34; dated 11/19/03.
eCommunication from Canada: S/FIN/W/33; dated 11/12/03.
'Committee report detailing verbal statements made during meeting: S/FIN/M/43; meeting dated 12/1/03.
GAO-05-209R U.S.-China Trade
Summary of issues by theme Raised by Raised by China's response
United other WTO
Condition that activities of an auto- EC - Writtenb
finance company may be stopped if it
loses in one year more than 50 percent
of the capital or accumulates losses
over three years representing more than
10 percent of the capital.
Limitation that securities fund EC - Writtenb In accordance with China's existing laws and
management companies manage regulations, a fund management company,
assets of retail investors but are not whether domestically-owned or joint-venture,
allowed to manage assets of was not allowed to manage assets for
institutional investors. institutional investors because this service did
not exist in China due to the special situation of
the Chinese securities market. In other words,
this service for institutional investors was a
new service in China, and was therefore not
covered by China's commitments. (Verbalf)
Limitation that only domestic securities, EC - The questions on minimum capital
fund management or investment trust Written,b requirements and licensing procedures, which
companies may hold the highest capital Verbalf were similar to the ones raised with regard to
contribution, limiting the choice of banking and insurance services, had already
partners for foreign investors in joint been answered. (Verbalf)
Complex multi-stage approval process Canada -
for establishment of new locations for Writtene
foreign participation in the fund
Source: GAO analysis of WTO documents.
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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/m1/59/: accessed May 24, 2019), University of North Texas Libraries, Digital Library, https://digital.library.unt.edu; crediting UNT Libraries Government Documents Department.