World Trade
Organization RESTRICTED S/FIN/W/49
14 September 2005
(05-3998) Committee on Trade in Financial Services Original: English

Communication from AUSTRALIA

Transitional Review Mechanism in connection with Paragraph 18 of
the Protocol on the Accession of the People's Republic of China

The following communication, dated 12 September 2005, from the delegation of Australia is being circulated to the Members of the Committee on Trade in Financial Services.
The competitive stimulus and enhanced efficiency flowing from opening the financial services sector to greater foreign participation, coupled with strengthened regulation and supervision will be an important driving force in the growth of the financial services sector and of the broader Chinese economy.
Australia notes that China’s revised GATS offer confirms that foreign participation in such business would be permitted with immediate effect.
Please indicate when implementing measures will be issued by the China Insurance Regulatory Commission to provide specific guidelines and approval criteria/procedures for foreign insurers interested in providing such services so as to give effect to China’s commitments in this area.