Implementing China's WTO commitments in Chinese financial services law

To further open up China's banking, insurance, securities and auto financing markets was one of the commitments China made on accession to the World Trade Organization in December 2001. By examining China's implementation of these commitments in the past few years and the reform of China's law and regulations in banking, insurance, securities and auto financing, this article attempts to explore, first, some of the issues raised in the WTO annual transitional reviews of China's implementation, second, the economic impacts that the reform of China's financial services law and regulations has brought about, and third, future reforms of China's financial services law and regulations. The discussion includes different views from scholars and commentators and covers the approach taken by the Chinese government and financial regulators. The article points out that future reform of China's financial services law and regulations depends upon, on the one hand, China's continuous implementation of its WTO commitments and, on the other, the reforms in such other areas as foreign exchange, taxation, and the personal credit information network.