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WTO Entry to Bring Equal Treatment to Chinese and Foreign Firms
China's foreign exchange administrator is considering to bring in new regulations after China enters the World Trade Organization (WTO).
The changes will cover the activities of foreign banks and foreign-funded ventures in China, today's "China Daily" quoted Zou Lin, deputy director of the international payment department of the State Administration of Foreign Exchanges as saying.
Foreign-funded ventures and domestic firms will be treated the same in foreign exchange regulations after China joins WTO, Zou said.
He pointed out that abolishing preferential policies for foreign-funded firms would affect the country's favorable environment for foreign investment.
"We want to keep policies aiming at improving foreign investment while allowing domestic firms to enjoy the same rights," Zou said, but didn't reveal what changes would be made.
Zou said foreign banks would be included in the country's management system for foreign exchange designated banks as their businesses would then cover all kinds of firms, not just foreign-funded ones.
Foreign banks will be given the same treatment as domestic banks under the authorization of foreign exchange buying and selling, international payment declaration and accounting items, he added.
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