Expert: China may not meet WTO pledges
24 August 2006
China is unlikely to live up to WTO commitments on banking, experts said in Washington. Upon joining the WTO in 2001, China committed to provide a uniform environment for all banks within five years, the Hong Kong Standard reported. "However, it is unlikely that the Chinese government will immediately remove all hurdles to create a level play field," said Vickie Tillman, executive vice president at Standard and Poor's credit market services while testifying in front of a US Congress panel on China's financial system. Foreign banks still face a number of restrictions that do not apply to domestic banks including long licensing procedures, more stringent capital requirements for branch operations, limited participation in local banks and foreign debt quotas.
