Financial Laws Need to Match WTO Rules: ProfessorProfessor Wu Zhipan from Beijing University proposed that financial laws in the country need to be revised to match the rules of the World Trade Organization (WTO).Wu expressed his views Thursday, December 28, at a law lecture attended by members of the Standing Committee of the National People's Congress, which was presided over by Li Peng, chairman of the NPC Standing Committee. China, with its impending WTO entry, is facing the problem of opening up its finance market as well as carrying out its duties stipulated in the rules abided by most WTO members, the scholar noted. Wu Zhipan suggested that law-making bodies and governmental departments concerned should revise domestic financial laws and regulations, so as to ensure the fulfillment of China's commitment to abide by WTO rules. The professor also pointed out that the country's financial departments and businesses are facing the challenges of the financial revolution, which features the application of modern electronic and information technologies to financial services. The automatic teller machine (ATM) and online banking services have considerably changed the business model of the finance industry and finance transactions will become a sheer data procession of finance information. The change is sure to bring about some new legal problems and lawmakers and experts in the country have to conduct necessary investigations, so as to make or revise laws to meet the changes, Wu Zhipan pointed out. |
| People's Daily Online --- http://english.peopledaily.com.cn/ |