Three

;MoreForeicjnInsurancec-6r6

    ;paNes~ushtoChina

    ;WuXiaoping.Vice—PresidentofChina

    ;InsuranceRegulatoryCommission,stated ;atthefinanceforumoflstChinainterna—

    ;tionalserviceconferencethatsincethefor. ;eigninsurancecompaniesenteredChinese ;market.theinsurancecompaniesinChina ;hasbeenincreasedfrom6to61.among ;which24areChinesecompaniesand37are ;foreignones.Thetotalassetsofforeignin—

    ;surancecompaniesinChinarisefrom ;RMB4.4billionifl1999toRMBl9.78bil—

    ;lionin2003.Atpresent.15citiesareopen ;toforeigninsurancecompames.@ ;mendedForeignTradeLawtook

    ;effectonJuly1.Ithasbeenpassed ;byEighthSessionoftheTenth

    ;NationalPeople.sCongressonApril6, ;2004.ComparedwiththeForeignTrade ;Law(1994)theamendmentsprimarily ;haves1x

    ;changestobe

    ;focusedon:

    ;broadeningthe

    ;scopeoffor—

    ;etgntradeop—

    ;eratorstoindi—

    ;mandsofcargos,technologies,andtal—

    ;entsandprovidingbasicknowledgefor ;foreigncompanies’procurement.Their

    ;routineworkisdealingwithcargotrade ;andservicetrade.AccordingtotheFor- ;eignTradeLawbeforeamendment,Chi—

    ;viduals:cancelingadministrativeap—

    ;provalrequiredforeigntradeoperators ;engagedingoodsortechnologyimport ;andexportandcarryingouttheregistra—

;tiononfile;exercisingstatetradingad—

    ;ministrationovertheimportandexport ;ofsomegoods;conductingautomatical ;permissionmanagementofimportand ;exportforsomefreeimportandexport ;goods;protectingtrade—relatedintellec—

    ;tualpropertyrightsandstrengtheningle—

    ;galliabilitiesandpenalties. ;TheamendedForeignTradeLaw

    ;embodiesthefairnessofcompetition ;rules.Ms.Gno.whoisengagedinlong—

    ;timeagentofsettinguprepresentative0t—

    ;ficesofforeignenterprisesinChina.She ;introducedthataccordingtothestipula—

    ;tions.representativeofhcecouldonlydo ;someliaisonworkbetweenforeignen—

    ;terpriseswithChinesecompaniesinclud—

    ;inginvestigatingChinesecompanies’de—

    ;neseindividuals

    ;arenotallowed

    ;todoforeign

    ;trade.

    ;Because

    ;tore1gn?-1n?-

    ;vestedenter—

    ;priseswithsuper-nationaltreatmentin ;trade,somanyChineseenterpriseslack ;leadingrightsinbusinesswhichharmed ;theirprofits.Inaddition,thiskindofsu—

    ;per-nationaltreatmentdeprivedindividu—

    ;als.opportunitiestojointhecompetition. ;Expertsthinkthatendowingindividu—

    ;alsforeigntraderightsmeanscanceling ;thesuper-nationaltreatmentofforeignen—

    ;terprises.whichwillstimulateindividu—

    ;alstoinvestintrade.Inashorttime,it ;wi11behot.Tothecompetition,Xiao ;Feng,GeneralManagerofDepartmentof ;LegalAffairsofChinaNationalMiner- ;alsandMetalsImportandExportCorp. ;thinksthatamendedForeignTradeLaw ;willimpacttraditionalstatetradetoacer- ;taindegree,however,atransparent,rea—

    ;sonableandorderedforeigntradeorders

;willbehelpfultoforeigntradeenterprises

    ;SOUnddevelopmentinthediversified ;competitiveenvironment.@ ;ThreeForeignAutoFinanciaICompaniesLandChina

    ;TangShuangning,Vice—

    ;ChairmanofChinaBanking ;RegulatoryCommissionin ;speechinSino—JapanEconomy

    ;ForumofHighLevelrevealed ;matuntilMavthisveaL61for—

    ;eignfinancialinstitutionsand ;enterprisesfrom19countries ;andregionshasestablished199 ;operationalfinancialinstitu—

    ;tionsin21citiesiflChinaifl—

    ;chidingthreeforeignautomo—

    ;bilefinancialcompanies. ;AsTangShuangningfur—

    ;theraddressed.therearel5ifl—

    ;stitutionsthathaveregistered ;locallyand9sub—branchesand

    ;subsidiaryinstitutionsthathave ;registeredlocallyand161 ;branchesofforeignbanks.And ;155foreignbanksfrom40

    ;countriesandregionshassetup ;219representativeofficesin27 ;citiesinChina.0penareasre—

    ;strictionhasbeenliftedand ;thereare13citieswhereforeign ;bankscandealwithRinminbi ;andforeignbanksdealingwith ;Rinminbihasreached97.Au—

    ;tomobilefinancingservicehas ;beenopenedandthreeforeign ;automobilefinancialcompanies ;havebeenapprovedandhave ;beeninestablishment.Thera—

    ;tioofshareofforeignfinancial ;institutionsininternalfinancial ;institutionshasbeenincreased ;(asforsinglefinancialinstitu—

    ;tion.theratiohasincreased ;froml0%to20%:asforsev—

    ;eralfinancialinstitutions.the ;ratiowaswithin25%.)

    ;AsTangShuangningstated

    ;thatsinceJapanExportand ;ImportBankfirstlysetupthe ;firstforeignbankrepresentative ;officein1979andHKNan

    ;YangCommercialBankfirst ;gotapprovalandestablishedthe ;firstforeignoperationalbankin ;l98l,throughover20years.de—

    ;velopment,thereisincreasing ;advanceinopennessofChina.s ;bankindustryespeciallyafter ;ChinasentryintoWT0onDe—

    ;cemberl1.2001.@

    ;

    ;