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The Gats and the Legal Framework of the Chinese Banking Sector

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Chapter Summary

The People's Republic of China (PRC) became a Member of the World Trade Organization (WTO) on December 11, 2001. Therefore, China's laws, regulations and other rules must comply with WTO obligations. This is also the case for Chinese banking laws and regulations. This chapter focuses on the impact of the General Agreement on Trade in Services (GATS)/WTO on the legal framework of Chinese banking regulation. It analyses the legal framework of the Chinese banking regulation and its recent development from 2001 to 2006. It then discusses the main issues of legal framework of the Chinese banking regulation in the context of the GATS/WTO. The chapter explores the discriminatory treatment to foreign-funded banks in China, which has been highly debated during the WTO transitional review meetings on China's implementation of the WTO agreements. It proposes to unify Chinese banking law framework so as to enhance its consistency with the GATS/WTO obligations.

Keywords: banking laws; Chinese banking regulation; discriminatory treatment; foreign-funded banks; General Agreement on Trade in Services (GATS); legal framework; World Trade Organization (WTO)



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