《SUMMARY OF .-CHINA BILATERAL WTO AGREEMENT》
February 2, 2000 AGRICULTURE The Agreement would eliminate barriers and
increase access for . exports across a broad range of commodities.
Commitments include: Significant cuts in tariffs that will be completed by
January 2004. Overall average for agricultural products will be percent
and for . priority products 14 percent (down from 31 percent).
Establishment of a tariff-rate quota system for imports of bulk commodities,
., wheat, corn, cotton, barley, and rice, that provides a share of the TRQ
for private traders. Specific rules on how the TRQ will operate and increased
transparency in the process will help ensure that imports occur. Significant
and growing quota quantities subject to tariffs that average between 1-3
percent. Immediate elimination of the tariff-rate quota system for barley,
peanut oil, sunflower-seed oil, cottonseed oil, and a phase-out for soybean
oil. The right to import and distribute products without going through a
state-trading enterprise or middleman. Elimination of export subsidies on
agricultural products. China has also agreed to the elimination of SPS
barriers that are not based on scientific evidence. INDUSTRIAL PRODUCTS China
would lower tariffs and eliminate broad systemic barriers to . exports,
such as limits on who can import goods and distribute them in China, as well
as barriers such as quotas and licenses on . products. TARIFFS Tariffs cut
from an average of percent to an average of percent overall and
percent on . priority products. China will participate in the Information
Technology Agreement (ITA) and eliminate all tariffs on products such as
computers, telecommunications equipment, semiconductors, computer equipment,
and other high-technology products. In the auto sector, China will cut tariffs
from the current 80-100% level to 25% by mid-2006, with the largest cuts in
the first years after accession. Auto parts tariffs will be cut to an average
of 10% by mid-2006. In the wood and paper sectors, tariffs will drop from
present levels of 12?18% on wood and 15-25% on paper down to levels generally
between 5% and %. China will also be implementing the vast majority of the
chemical harmonization initiative. Under that initiative, tariffs will be at
0, and percent for products in each category. ELIMINATION OF QUOTAS
AND LICENSES WTO rules bar quotas and other quantitative restrictions. China
has agreed to eliminate these restrictions with phase-ins limited to five
years. Quotas: China will eliminate existing quotas upon accession for the top
. priorities (. optic fiber cable). It will phase out remaining quotas,
generally by 2002, but no later than 2005. Quotas will grow from current trade
levels at a 15% annual rate in order to ensure that market access increases
progressively. Auto
quotas will be phased out by 2005. In the interim, the base-level quota will
be $6 billion (the level prior to China's auto industrial policy), and this
will grow by 15% annually until elimination. RIGHT TO IMPORT AND DISTRIBUTE
Trading rights and distribution are among the top concerns for .
manufacturers and agricultural exporters. At present, China severely restricts
trading rights (the right to import and export) and the ability to own and
operate distribution networks. Under the Agreement, trading rights and
distribution services will be progressively phased in over three years. China
will also open up sectors related to distribution services, such as repair and
maintenance, warehousing, trucking and air courier services. SERVICES China
has made commitments to phase out most restrictions in a broad range of
services sectors, including distribution, banking, insurance,
telecommunications, professional services such as accountancy and legal
consulting, business and computer related services, motion pictures and video
and sound recording services. China will also participate in the Basic
Telecommunications and Financial Services Agreements. GRANDFATHERING China
will grandfather the existing level of market access already in effect at the
time of China's accession for . services companies currently operating in
China. This will protect existing American businesses operating under
contractual or shareholder agreements or a license from new restrictions as
China phases in thEir commitments. DISTRIBUTION AND RELATED SERVICES China
generally prohibits foreign firms from distributing products other than those
they make in China, or from controlling their own distribution networks. Under
the Agreement, China has agreed to liberalize wholesaling and retailing
services for most products, including imported goods, throughout China in
three years. In addition, China has agreed to open up the logistical chain of
related services such as maintenance and repair, storage and warehousing ,
packaging, advertising, trucking and air express services, marketing, and
customer support in three to four years. TELECOMMUNICATIONS China now
prohibits foreign investment in telecommunications services. For the first
time, China has agreed to permit direct investment in telecommunications
businesses. China will also participate in the Basic Telecommunications
Agreement. Specific commitments include: Regulatory Principles ?- China has
agreed to implement the pro?competitive regulatory principles embodied in the
Basic Telecommunications Agreement (including interconnection rights and
independent regulatory authority) and will allow foreign suppliers to use any
technology they choose to provide telecommunications services. China will
gradually phase out all geographic restrictions for paging and value-added
services in two years, mobile voice and data services in five years,
and domestic and international services in six years. China will permit 50
percent forEign equity share for value-added and paging services two years
after accession, 49 percent foreign equity share for mobile voice and data
services five years after accession, and for domestic and international
services six years after accession. INSURANCE Currently, only two .
insurers have access to China's market. Under the agreement: China agreed to
award licenses solely on the basis of prudential criteria, with no economic-
needs test or quantitative limits on the number of licenses issued. China will
progressively eliminate all geographic limitations within 3 years. Internal
branching will be permitted consistent with the elimination of these
restrictions. China will expand the scope of activities for foreign insurers
to include group, health and pension lines of insurance, phased in over 5
years. Foreign property and casualty firms will be able to insure large-scale
commercial risks nationwide immediately upon accession. China agreed to allow
50 percent ownership for life insurance. Life insurers may also choose their
own joint venture partners. For non-life, China will allow branching or 51
percent ownership on accession and wholly owned subsidiaries in 2 years.
Reinsurance is completely open upon accession (100 percent, no restrictions).
BANKING Currently foreign banks are not permitted to do local currency
business with Chinese clients (a few can engage in local currency business
with their foreign clients). China imposes severe geographic restrictions on
the establishment of foreign banks. China has committed to full market access
in five years for . banks. Foreign banks will be able to conduct local
currency business with Chinese enterprises starting 2 years after accession.
Foreign banks will be able to conduct local currency business with Chinese
individuals from 5 years after accession. Foreign banks will have the same
rights (national treatment) as Chinese banks within designated geographic
areas. Both geographic and customer restrictions will be removed in five
years. Non-bank financial companies can offer auto financing upon accession.
SECURITIES China will permit minority foreign-owned joint ventures to engage
in fund management on the same terms as Chinese firms. By three years after
accession, foreign ownership of these joint ventures will be allowed to rise
to 49 percent. As the scope of business expands for Chinese firms, foreign
joint venture securities companies will enjoy the same expansion in scope of
business. In addition, 33 percent foreign?owned joint ventures will be allowed
to underwrite domestic equity issues and underwrite and trade in international
equity and all corporate and government debt issues. PROFESSIONAL SERVICES
China has made strong commitments regarding profess
onal services, including the areas of law, accounting, management consulting,
tax consulting, architecture, engineering, urban planning, medical and dental
services, and computer and related services. China's commitments will lead to
greater market access opportunities and increased certainty for American
companies doing business in China. > MOTION PICTURES, VIDEOS, SOUND RECORDINGS
China will allow the 20 films to be imported on a revenue-sharing basis in
each of the 3 years after accession. . firms can form joint ventures to
distribute videos, software entertainment, and sound recordings and to own and
operate cinemas. PROTOCOL PROVISIONS Commitments in China's WTO Protocol and
Working Party Report establish rights and obligations enforceable through WTO
dispute settlement procedures. We have agreed on key provisions relating to
antidumping and subsidies, protection against import surges, technology
transfer requirements, and offsets, as well as practices of state?owned and
state?invested enterprises. These rules are of special importance to .
workers and business. China has agreed to implement the TRIMs Agreement upon
accession, eliminate and cease enforcing trade and forEign exchange balancing
requirements, as well as local content requirements, refuse to enforce
contracts imposing these requirements, and only impose or enforce laws or
other provisions relating to the transfer of technology or other know-how, if
they are in accordance with the WTO agreements on protection of intellectual
property rights and trade?related investment measures. These provisions will
also help protect American firms against forced technology transfers. China
has agreed that, upon accession, it will not condition investment approvals,
import licenses, or any other import approval process on performance
requirements of any kind, including: local content requirements, offsets,
transfer of technology, or requirements to conduct research and development in
China. ANTIDUMPING AND SUBSIDIES METHODOLOGY The agreed protocol provisions
ensure that American firms and workers will have strong protection against
unfair trade practices including dumping and subsidies. The . and China
have agreed that we will be able to maintain our current antidumping
methodology (treating China as a non-market economy) in future anti-dumping
cases. This provision will remain in force for 15 years after China's
accession to the WTO. Moreover, when we apply our countervailing duty law to
China we will be able to take the special characteristics of China's economy
into account when we identify and measure any subsidy benefit that may exist.
PRODUCT-SPECIFIC SAFEGUARD The agreed provisions for the protocol package also
ensure that American domestic firms and workers will have strong protection
against rapid increases of imports. To do this, the Product-Specific Safeguard
provision sets up
special mechanism to address increased imports that cause or threaten to
cause market disruption to a . industry. This mechanism, which is in
addition to other WTO Safeguards provisions, differs from traditional
safeguard measures. It permits United States to address imports solely from
China, rather than from the whole world, that are a significant cause of
material injury through measures such as import restrictions. Moreover, the
United States will be able to apply restraints unilaterally based on legal
standards that differ from those in the WTO Safeguards Agreement. This could
permit action in more cases. The Product-Specific Safeguard will remain in
force for 12 years after China accedes to the WTO. STATE-OWNED AND STATE-
INVESTED ENTERPRISES The Protocol addresses important issues related to the
Chinese government's involvement in the economy. China has agreed that it will
ensure that state-owned and state-invested enterprises will make purchases and
sales based solely on commercial considerations, such as price, quality,
availability and marketability, and that it will provide . firms with the
opportunity to compete for sales and purchases on non-discriminatory terms and
conditions. China has also agreed that it will not influence these commercial
decisions (Either directly or indirectly) except in a WTO consistent manner.
With respect to applying WTO rules to state-owned and state-invested
enterprises, we have clarified in several ways that these firms are subject to
WTO disciplines: Purchases of goods or services by these state-owned and
state-invested enterprises do not constitute "government procurement" and thus
are subject to WTO rules. We have clarified the status of state-owned and
state-invested enterprises under the WTO Agreement on Subsidies and
Countervailing Measures. This will help ensure that we can effectively apply
our trade law to these enterprises when it is appropriate to do so. TEXTILES
China's protocol package will include a provision drawn from our 1997
bilateral textiles agreement, which permits . companies and workers to
respond to increased imports of textile and apparel products. This textile
safeguard will remain in the effect until December 31, 2008, which is four
years after the WTO agreement on Textile and Clothing expires.
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