Industry News II

AmCham China Welcomes Moves to Improve Market Access in Important Service Sectors – Press Releases

September 24, 2012 No Comments »

BEIJING and SHANGHAI, Sept. 23, 2012 /PRNewswire/ — AmCham China has recently observed an encouraging trend, as China has taken steps to improve market access in several important service industries. They include travel reservations, courier services, financial services, and auto insurance.

In each of these sectors, the government has adopted measures that will promote greater market competition to the benefit of both Chinese consumers and companies.

“The new market-opening policies will boost efficiency and raise service standards in each of these industries, in keeping with China's goal to promote the development of its service sector,” said AmCham China Chairman Ted Dean. “We commend the government on these moves towards greater market liberalization. Continued service market reforms in this direction will attract new investment, advance China's own development goals, and create new opportunities for American firms.”

Please see below for a brief summary of the recent measures:

  • Starting in October, China's national aviation regulator will allow foreign airlines the option to use alternative travel reservation services to distribute their airfares to travel agents around the country. Currently, foreign airlines are all required to use the same government-backed service provider to distribute fare information.
  • In September, two major multinational express delivery services won licenses to offer courier service (other than letter delivery) in selected cities across China.
  • Under a proposal announced in August, foreign securities firms will soon be allowed to increase the size of stakes they hold in joint ventures to 49 percent, up from the current 33 percent. Joint venture securities firms will also be allowed to expand their business scope after operating for two years, instead of the currently-required five years.
  • Starting in May, foreign insurers were allowed for the first time to begin selling policies for third-party liability auto insurance in China.

About the American Chamber of Commerce in the People's Republic of China:

AmCham China is a national non-profit organization representing the interests of nearly 1,200 companies and 3,000 individuals doing business throughout China. Headquartered in Beijing, it has chapters in Tianjin, Northeast China (Dalian) and Central China (Wuhan). For more information, visit: www.amchamchina.org

SOURCE AmCham China

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