State Council Approved Four Rules & Regulations

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Last updated at: (Beijing Time) Thursday, December 06, 2001

State Council Approved Four Rules & Regulations

Presided over by Premier Zhu Rongji, the State Council held its 49th executive meeting December 5, which discussed and passed in principle the four rules and regulations and made clear foreign investment in Communication & Information Enterprises.

Presided over by Premier Zhu Rongji, December 5 saw the 49th routine meeting of the State Council convened, at which were discussed and passed in principle the four rules and regulations.

They are the "State Council on Revision of Administrative Resolutions (draft) of Travel Agencies", "Administrative Regulations (draft) on Foreign Investment in Communication and Information Enterprises", "Regulations (draft) Regarding International Ocean Shipping of the People's Republic of China" and "Administrative Regulations (draft) on Foreign-funded Insurance Companies of the People's Republic of China".

The four rules and regulations will be promulgated and enter into force after a further revision by the State Council.

As pointed out at the meeting, in order to make sure the promises by China for entering into the WTO and to regulate the administration on foreign investment in travel agencies, to revise the original "Administrative Regulations on Travel Agencies" is the needs for promoting the development of Chinese tourism industry for catering to opening-up to the outside world.

The meeting holds: to cater to the needs for opening the communication and information industry to the outside, promoting its development and implementing the pledges of China for joining the WTO, it is quite necessary to map out the "Administrative Regulations (draft) on Foreign Investment in Communication and Information Enterprises".

The meeting considers: to strengthen the regulation and supervision on the international sea transportation in China and solve the prominent problems existing in the international shipping market and implementing the relevant promises of China for joining the WTO it is very necessary to work out the "Regulations (draft) Regarding International Ocean Shipping of the People's Republic of China".

The meeting also stresses: to meet the new situation of opening up the Chinese insurance industry after China's joining the WTO, strengthening and improving the supervision and administration on foreign-funded insurance companies for promoting a steady and healthy development of the Chinese insurance market it is in dire need of drawing up a relatively complete regulations on the administration of foreign-funded insurance companies in China.

By PD Online Staff Han Rongliang

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