China promises after China's entry into WTO:
real estate services
owned or leased real estate services (CPC821)
There are no restrictions except the following: exclusive foreign investment is not allowed in high-grade real estate projects, including high-grade apartments and high-grade office buildings, but luxury hotels are not included.
Real estate services based on fees and contracts (CPC822)
Only joint ventures are allowed, but foreign investors are allowed to hold shares.
Other commercial services
Advertising services only allow foreign service providers to set up Sino-foreign joint venture advertising enterprises in China, and the proportion of foreign investment shall not exceed 49%. Within two years after China's accession, foreign investors will be allowed to hold shares, and within four years after its accession, foreign service providers will be allowed to set up wholly foreign-owned subsidiaries in China.
Communication services
Express delivery service (CPC75121, but excluding the service which is now exclusively provided by the postal department of China according to the laws of China)
Upon accession, Sino-foreign joint ventures are allowed to be established, with the proportion of foreign investment not exceeding 49%; Within one year after China's accession, foreign capital holding is allowed. Within four years after China's accession, foreign service providers are allowed to set up wholly foreign-owned subsidiaries in China.
construction and related engineering services
wholly foreign-owned enterprises are allowed to be established within three years after China's accession to the WTO. Wholly foreign-owned enterprises can only undertake the following four types of construction projects:
1. Construction projects funded entirely by foreign investment and/or funds
2. Construction projects funded by international financial organizations and awarded through international bidding according to the terms of the loan agreement.
3. Sino-foreign joint venture construction projects with foreign investment equal to or more than 5% and those with foreign investment less than 5% but technically difficult to be implemented by China construction enterprises alone.
4. Construction projects invested by China, which are difficult for Chinese construction enterprises to carry out alone, may be jointly undertaken by Chinese-foreign joint venture construction enterprises with the approval of the provincial government.
Retail services (excluding tobacco)
Foreign service providers can only set up Sino-foreign joint venture retail enterprises in five economic zones (Shenzhen, Zhuhai, Shantou, Xiamen and Hainan) and six cities (Beijing, Shanghai, Tianjin, Guangzhou, Dalian and Qingdao). In Beijing and Shanghai, the number of joint venture retail enterprises shall not exceed four each, and in other regions, the number of joint venture retail enterprises shall not exceed two each. Two joint venture retail enterprises in Beijing are allowed to set up branches in the same city (namely Beijing).
when China joined the WTO, it immediately opened Zhengzhou and Wuhan. Within two years after China's entry into WTO, foreign investors will be allowed to hold shares, and all provincial capital cities, Chongqing and Ningbo will be opened.
foreign service providers can engage in the retail business of all products except the following products; Within one year after China's accession, foreign-funded enterprises are allowed to engage in the retail of books, newspapers and magazines; Within 3 years after China's accession, it is allowed to engage in the retail of drugs, pesticides, agricultural films and refined oil; Within 5 years after China's accession, it is allowed to engage in the retail of chemical fertilizers.
within 3 years after China's accession, there will be no restrictions, except:
-fertilizer, and the restrictions will be lifted within 5 years after its accession;
—— Chain stores with more than 3 branches selling different kinds and brands of goods from multiple suppliers are not allowed to hold foreign shares if they sell the following products: automobiles (restrictions will be lifted within 5 years after joining), the products listed above and the products listed in Annex 2a of China's accession to the WTO Protocol. As long as the chain stores are legally established in China according to China laws and regulations, foreign chain store operators are free to choose their partners.
financial services
all insurance and related services
A, life insurance, health insurance and pension/annuity insurance
b, non-life insurance
c, reinsurance
d, insurance ancillary services
a, enterprise form
When joining, foreign non-life insurance companies are allowed to set up branches or joint ventures in China, and the proportion of foreign investment in joint ventures. Within two years after China's accession, foreign non-life insurance companies are allowed to set up wholly-owned subsidiaries, that is, there is no restriction on the form of enterprise establishment.
upon China's accession, foreign life insurance companies are allowed to set up joint ventures in China, with the proportion of foreign capital not exceeding 5%, and foreign parties are free to choose joint venture partners.
joint venture investors are free to enter into cooperation terms as long as they are within the scope of commitments made in this schedule.
for large-scale commercial insurance brokers, reinsurance brokers, international shipping, air transport and transportation insurance and reinsurance brokers, the proportion of foreign investment in the joint venture company can reach 5%, and it can reach 51% within three years after China joins, and wholly foreign-owned subsidiaries are allowed to be established within five years after China joins.
other brokerage services are not promised. Insurance companies are allowed to gradually cancel the establishment of domestic branches with geographical restrictions.
B, open territory
Upon accession, foreign life insurance companies, non-life insurance companies and insurance brokerage companies are allowed to provide services in Shanghai, Guangzhou, Dalian, Shenzhen and Foshan. Within two years after China's accession, foreign life insurance companies, non-life insurance companies and insurance brokerage companies are allowed to provide services in the following cities: Beijing, Chengdu, Chongqing, Fuzhou, Suzhou, Xiamen, Ningbo, Shenyang, Wuhan and Tianjin.
within 3 years after China's accession, the geographical restrictions will be lifted.
Banking and other financial services (excluding insurance and securities)
Banking services are listed as follows:
A. Absorbing public deposits and other public funds that should be paid;
b, all types of loans, including consumer credit, mortgage credit, factoring and financing of commercial transactions;
c, financial leasing
d, all payment and remittance services, including credit cards, charge cards and debit cards, traveler's checks and bank drafts (including import and export settlement);
e. guarantee and acceptance;
f, self-operated or valet foreign exchange trading.
a. geographical restrictions:
-foreign exchange business: geographical restrictions will be lifted upon accession;
-RMB business: the geographical restrictions will be gradually lifted according to the following schedule: upon accession, Shanghai, Shenzhen, Tianjin and Dalian will be opened; Guangzhou, Zhuhai, Qingdao, Nanjing and Wuhan will be opened within one year after China's accession; Jinan, Fuzhou, Chengdu and Chongqing will be opened within 2 years after China's accession, and Kunming, Beijing and Xiamen will be opened within 3 years after China's accession; Within 4 years after China's accession, Shantou, Ningbo, Shenyang and Xi 'an will be opened; Within five years after joining the WTO, all geographical restrictions will be abolished.
B. Customer:
Foreign exchange business:
Upon China's accession, foreign-funded financial institutions are allowed to provide foreign exchange services in China, with no restrictions on clients.
RMB business:
Within two years after China's accession, foreign financial institutions are allowed to provide services to China enterprises. Within five years after China's accession, foreign financial institutions will be allowed to provide services to all China customers.
C. Business license:
The conditions for issuing the business license of the financial services department in China are completely prudent (that is, there is no economic needs test or quantity restriction on the business license). Within five years after China's accession, all existing forms of ownership, operation and establishment of foreign-funded financial institutions and enterprises will be abolished, including non-prudent measures for branches and licensing.
travel agencies
When joining, foreign service providers who meet the following conditions can set up Sino-foreign joint venture travel agencies in tourist resorts designated by the China government and in Beijing, Shanghai, Guangzhou and Xi 'an:
(a) travel agencies mainly engaged in tourism business;
(b) The annual global income exceeds $4 million.
the registered capital of a joint venture travel agency shall be no less than RMB 4 million. Within 3 years after China's accession, the registered capital shall be no less than 2.5 million yuan. Within 3 years after China's accession, foreign capital holding is allowed. Within six years after China's entry into WTO, wholly foreign-owned travel agencies are allowed to be established, and geographical restrictions are abolished.
Telecom industry promises text telecom services
Value-added telecom services include: H. E-mail; I. voice mail; J. online information and data retrieval; K. electronic data interchange; L value-added fax services (including storage and transmission, storage and call); M. coding and protocol conversion; N. Online information and/or data processing (including transaction processing) allows foreign service providers to set up Sino-foreign joint venture value-added telecommunications enterprises in Shanghai, Guangzhou and Beijing, with no quantity limit and the proportion of foreign investment not exceeding 3%. Within one year after China's accession, the open areas will be extended to Chengdu, Chongqing, Dalian, Fuzhou, Hangzhou, Nanjing, Ningbo, Qingdao, Shenyang, Shenzhen, Xiamen, Xi 'an, Taiyuan and Wuhan, and the proportion of foreign investment will not exceed 49%. Within two years after China's accession, the geographical restrictions will be abolished and the proportion of foreign investment will not exceed 5%.
Basic telecommunications services
Paging services allow foreign service providers to set up Sino-foreign joint ventures in Shanghai, Guangzhou and Beijing, with the proportion of foreign investment not exceeding 3%. Within one year after China's accession, the open area will be extended to Chengdu and other places, and the proportion of foreign investment will not exceed 49%. Within two years after China's accession, the geographical restrictions will be abolished and the proportion of foreign investment will not exceed 5%.
mobile voice
when China joins the WTO, foreign service providers are allowed to set up Sino-foreign joint ventures in Shanghai, Guangzhou and Beijing, with the proportion of foreign investment not exceeding 25%.
within one year after China's accession, the open area will be extended to Chengdu and other places, and the proportion of foreign investment will not exceed 35%. Within three years after China's accession, the proportion of foreign investment shall not exceed 49%. Within five years after China's accession, geographical restrictions will be abolished.
domestic business
foreign service providers are allowed to set up Sino-foreign joint venture telecommunications enterprises in Shanghai, Guangzhou and Beijing within three years after joining international business, with the proportion of foreign investment not exceeding 25%. Within five years after China's accession, the open area will be extended to Chengdu and other places, and the proportion of foreign investment will not exceed 35%. Within six years after China's accession, geographical restrictions will be abolished and the proportion of foreign investment will not exceed 49%.