Bo Xilai: China is making its promise to open its door to Chinese telecommunication

The Minister of China's Commercial Department sadi on September 04, 2006 that China is going to open its markets in finance and telecommunicaion as China has promised in WTO agreements. Minister Bo made the promise in a evening party welcoming China's entrace to WTO by the European Union Chamber of Commerce. Quite a few foreign investers had criticized the slow pace China had made in opening these fields before. The five-year interim peroid for China banks to warm up with WTO rules will expire on December 11, 2006. According to the promises China has made to WTO, foreign invested banks in China would be able to compete with Chinese banks in full. At the same time, China's telecommunication market would fully open to foreign investments. Bo suggeted that China's speed to open certain important areas is not slow and many European multinational companies had benefited such as British Petroleum, which has 605 legally admitted gas stations in China and so becomes the foreign company that owns the most gas station in China. European Union has 60 percent of the joint securities and bonds companies in China. Vodafone Group, the noted English mobile telephone company, has appropriately confederated strategic alliances with China Mobile. Bo refuted the criticism that China is turning back to its trade protectionism. He said, on behalf of Chinese government, that the only way for China's development is to encourage competition and bring in open economy. (x)

Ref:
Chen, G. (September 2006). Bo Xilai: China is making its promise to open its door to Chinese telecommunication. China Youth. Retrieved September 07, 2006 from http://it.sohu.com/20060907/n245209932.shtml