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Officials governing China's service sector have pledged to further open up the industry and better accommodate rising investment demands from foreign businesses seeking to gain from China's World Trade Organization (WTO) entry.
"Since China joined the WTO and has enjoyed fast economic growth in recent years, its service trade has become a hot issue," Ma Xiuhong, vice-minister of foreign trade and economic co-operation, said yesterday.
She was addressing a seminar about opening up China's service industry to foreign investors, held during the ongoing Sixth China International Fair for Investment and Trade in Xiamen, East China's Fujian Province.
"China will continuously open its service industry wider so that other WTO members can enjoy the benefits of a multi-lateral trade system," Ma said.
The proportion that China's service industry's added value to its gross domestic product was 33.2 percent in 2000, which was a 10 per cent increase from its 1979 level.
Tourism, marine transport, civil aviation and foreign trade and commerce sectors are being discussed at the seminar. Representatives of these sectors all expressed commitment to improving investment facilities to lure more investors.
"Although we have been quite prompt in fulfilling our WTO promises concerning tourism, there remains a gap between what we have done and what we are determined to do," said Zhang Jianzhong, director of the Department of Policies and Regulations of the National Tourism Administration.
"We will take further steps to accelerate the opening up process." The steps mainly concern the implementation of China's tourism-related WTO agreements.
According to the agreements, foreign investors can take part in the construction of domestic hotels, operate businesses in joint ventures and hold the majority of corporate shares. Four years after China's WTO accession, they will be allowed to set up solely funded hotels.
In the first three years of China's WTO membership, foreign investors can take controlling shares of joint-venture travel agencies.
"The State has ratified 11 joint-venture travel services in accordance with the agreements," Zhang said.
"We will further perfect our relevant legal system to provide a fair, open and transparent environment."
Marine transport authorities will also make efforts to attract investment, said Wang Mingzhi, an official with the Department of Water Transport at the Ministry of Communications.
Last year, 87 percent of China's foreign trade was shouldered by water transport.
(China Daily September 10, 2002)
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