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Major Promises in the Third Year of China's Entry into WTO

The year 2004 is the third year of China 's entry into WTO. According to the protocol and panel working report of our entry into WTO, our major promises in this third year of our entry into WTO are:

Promises for goods trading
I Management rights for foreign trade
1 Minimum capital register to obtain foreign trade management rights for enterprises of Chinese total capital ownership reduces to 1 million renminbi. China has made good her promise in advance on July 1 st ,2003, and granted for enterprises in western regions 0.5 million renminbi for minimum capital register.
2 Joint ventures with more shares by foreign capital are able to gain complete foreign trade management rights. This is to say all foreign enterprises possess complete foreign trade management rights.
State-owned trade: among the goods of state-owned trade, the import ration in 2004 of crude oil and finished oil by non state-owned enterprises increased by 15% in comparison with that of 2003.
Import customs duties: about agricultural and industrial products in the protocol of China's entry into WTO the tariff reduction table stipulates that general tariff level be reduced from 11.5% in 2003 to about 10.6% in 2004, with that of industrial products reduced from 10.6% to 9.8%, that of agricultural products from 17.4% to 15.8%. The customs duties of about 3000 items of imported goods will be variously reduced in accordance with the promises, and some of the imported goods including information technology products will have zero customs duties.
II Quota and Licence Governance
1Withdraw the import quota, import licence and import bid of some of the imported goods.
(1) China will abandon the import quota and import licence governance of 39 tariff items of products about four categories consisting of oil products, rubber products, automobiles, cranes and their components, and motorcycles and their components.
(2)China will abandon the requirements of special import bid for 44 tariff items of machinery and electrical products about 7 categories including dynamos, bulldozers, transformers,offset print machines, machinery equipments, television receiver equipments, and shipping equipments, and enterprises having import and export trade rights can import freely.
2 Enhance the increase rate of goods import quota: enhance the import quota of cars by 15%.
3 Adjust the ratio of the customs duties and quota of tariff quota items and non state-owned trade.
(1)Reduce the tax rate of the extra quota part of tariff quota products including wheat, mealie, rice, cotton, sugar, bean oil, olive oil and colza oil.
(2) enhance the import tariff quota of rice: that of short and medium sized rice and of long size rice will be increased from 2.3275 million tons in 2003 to 2.66 million tons in 2004; enhance the import tariff quota of vegetable oil: that of bean oil from 2.818 million tons in 2003 to 3.118 million tons in 2004, olive oil from 2.60 million tons in 2003 to 2.70 million tons in 2004, and colza oil from 1.0186 million tons in 2003 to n26.6 thousand tons in 2004; enhance the import tariff quota of sugar, cotton, wool and chemical fertilizer.
(3)Make lowered the state-owned trade ratio about state-owned trade products such as bean oil, olive oil, colza oil and chemical fertilizer, and heighten the non state-owned trade ratio.

Promises for service industry
I Communication Service
Basic telegraphy business home and abroad: it is allowed to set up in Guangzhou and Beijing joint ventures without number restriction that offer services within or between the cities just mentioned, and have foreign capital no more than 25% of the total capital.
II Building and its related project services
It is allowed to set up enterprises with total foreign capital.
III Distribution sale service
l.Commissioned agent services, wholesale service (excluding tobacco and salt): it is allowed to offer distribution sale service about books, newspapers, magazines, medicines, farm chemical and vegetable velamen, but forbidden to offer such services on chemical fertilizer, finished oil and crude oil, which is the sole exception and the restrictions for services on all the others are abandoned.
2 Retail service (excluding tobacco): it is allowed to offer retail service on medicine, farm chemical, farm velamen and finished oil with the exception of chemical fertilizer. Chain stores having more than 30 subsidiaries and offering goods from multiple suppliers of a variety of categories and brands such as foodstuff, cotton, vegetable oil, sugar, cars, books, newspapers, magazines, medicine, farm chemical, farm membrane, finished oil, chemical fertilizer, are not allowed to have their shares dominated by foreign capital.
3 The restrictions abandoned for concessionary management.
4 The restrictions abandoned for wholesalers or retailers with non-fixed places.
IV Leasehold service
It is allowed to set up subsidiaries with total foreign capital.
V Finance service
1 Banking
Renminbi business: it is allowed for foreign financial institutions to offer renminbi service to Chinese enterprises in 12 cities including Shanghai that have been promised to be open, and in Kunming, Beijing, Xiamen that are subsequently opened.
negotiable securities services: joint ventures on domestic securities investment management, are allowed to have 49% foreign capital. Foreign securities companies can set up joint ventures with no more than 1/3 foreign capital of the total. The joint ventures can take share consignment not via Chinese medium, consign and trade B share, H share, government and company bonds, and initiate funds.
2 Insurance
Life insurance: with the abandonment of the region restrictions, life insurance companies of joint capitals can offer services to foreign and Chinese citizens on health insurance, community insurance, retirement insurance / yearly income insurance.
Non life insurance: region restrictions abandoned.
Insurance agent: region restrictions abandoned. Foreign capital is allowed to be no more than 51% of the total capital.