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| China Announces Securities Sector's Promises to WTO |
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WED, DEC 12, 2001
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The China Securities Regulatory Commission (CSRC) announced Chinese securities sector's major promises to the World Trade Organization (WTO) Tuesday when China formally became a WTO member.
The promises are as follows, according to a spokesman for the commission:
-- Overseas securities institutions may directly engage in transactions of Chinese B shares.
-- Overseas securities institutions' agents in China can become special members of all Chinese bourses.
-- Overseas institutions will be allowed to establish cooperative companies engaging in the management of domestic securities investment funds. The proportion of overseas funds will be limited within 33 percent initially, and no more than 49 percent within the post-entry three years.
-- Also within the same period, overseas securities companies will be allowed to set up cooperative companies, with the overseas investment proportion to be limited within one third of the whole.
The cooperative companies can engage in the underwriting of Chinese A-shares, the underwriting and trading of B-shares, H-shares, and government and cooperate bonds, the commission spokesman said, adding that they can even launch foundations.
The spokesman noted that the opening of the securities sector and opening of the securities market are two different concepts, and the latter is not subject to the WTO agreement.
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