Opening up for foreign insurers

On December 11 last year, China lifted all geographical and business scope restrictions on foreign insurers as part of its WTO commitments. The government has opened up key market segments such as group insurance and annuities, as well as allowing foreign insurers to operate in all Chinese cities, although they will still need regulatory approval before new branches are set up.

Foreign media companies embrace new policy

On November 16, the State Administration of Radio, Film and Television (SARFT) released Decree No.44, which enables foreign media groups to open joint ventures and cooperative enterprises with local partners to produce broadcast and TV programs. It soon met with favorable comments from foreign media companies in Beijing.

Beneficial policies for foreign car makers

According to China’s WTO commitments, quota restrictions on imported cars were canceled on January 1, and the government has made new policies on tax rates for imorted cars.

Domestic banks face competition from foreign lenders

China Banking Regulatory Commission (CBRC) stated on December 1 last year that according to China’s WTO commitments, 18 domestic cities would shortly be allowing more foreign banks to offer RMB services.

No quality, no quantity

In line with China’s WTO commitments, some sensitive service industries, such as construction and commercial wholesale and retail ended their transition periods and opened up to the utside world from December 11, 2004.

Petrobras talk oil

Brazilian state-owned oil company Petrobras entered Beijing in May 2004. The company’s chief representative in Beijing, Marcelo Castilho da Silva, expressed his satisfaction about how thigs are going to Beijing Today.

Make it simpler

“We’re glad to see that the process of approving projects by the local administration has been simplified and now takes a shorter time,” says Jay D. Sung, chief operating officer of SK (Ch).

Dentsu frustrated

Although Dentsu Beijing earned more than 250 million yuan last year, a 107 percent growth over 2003, the company still feels unsatisfied.

Credit Suisse enjoys Chinese banking

As a result of a direct interaction with its partners and clients in China extending over five decades, Credit Suisse already enjoys a very strong position in the country’s financial markets, according to Dr. Urs Buchmann, Managing Director, Country Head China, Credit Suisse.

Telstra optimistic about telecommunications

Telecommunications company Telstra anticipates China’s new law for the sector to come into being soon, said Brian Pilbeam, the President of Telstra Asia and CEO o Telstra China.