China to open banking & telecomm among others

BEIJING: Chinese commerce minister Bo Xilai countered criticism that Asia's second-largest economy was backtracking on its global trade commitments and pledged to open up key areas, state press said Tuesday.

"We are actively promoting market opening and I promise China will fully open all markets, especially banking and telecommunications, before the (WTO) deadline," the China Daily quoted Bo as telling a European trade gathering.

China has pledged to allow full market access to foreign banks at the end of 2006 as part of its 2001 accession agreement to the World Trade Organization (WTO).

Foreign businesses and some officials have recently expressed concern that China is backtracking on its commitments to open up market access in industries including financial services, insurance, telecoms, express delivery services and auto parts.

Stalled WTO trade liberalization negotiations that have promised more benefits to developing nations have also appeared to have diluted China's enthusiasm for implementing its trade commitments, they said. Bo said China would remain active in trying to revive the Doha Round of WTO talks while also expressing full confidence in his nation's continued economic growth. "I am confident that in the next five years China's economy will keep growing in a sustainable, steady and healthy way, and will remain one of the fastest growing economies in the world," said Bo.

"We are proud of China's tremendous courage in market-opening and in welcoming internationally competitive companies here." Bo also downplayed concerns over China's efforts to protect intellectual property rights (IPR).

He pledged that his government would do more to crackdown on rampant piracy which overseas businesses say stretch across a wide range of products from pharmaceuticals to auto parts to audio-visual products. "Maybe some are not happy about the degree of punishments for IPR infringements but we are trying every means to crack down," Bo said.