China-Singapore Opening Commitments

1. Banking and Other Financial Services (excluding insurance and securities)

1.1. Sub-sector: Banking Services – Acceptance of Deposits and Other Repayable Funds from the Public

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic restrictions:

For foreign currency business: no geographic restrictions.

For local currency business: foreign service providers may operate in the following cities: Shanghai, Shenzhen, Tianjin, Dalian, Guangzhou, Zhuhai, Qingdao, Nanjing, Wuhan, Jinan, Fuzhou, Chengdu, Chongqing, Kunming, Beijing, Xiamen, Shantou, Ningbo, Shenyang, and Xi’an. All geographic restrictions will be eliminated within five years after accession.

B. Clients:

For foreign currency business: foreign financial institutions are permitted to provide services in China without client restrictions from the date of accession.

For local currency business: foreign financial institutions are permitted to provide services to Chinese enterprises. Within five years after accession, foreign financial institutions will be permitted to provide services to all Chinese clients. A foreign financial institution licensed to engage in local currency business in one region of China may provide services to clients in any other region that has been opened for such business.

C. Licensing:

Approval criteria for operating in China’s financial services sector are solely prudential (i.e., without economic needs tests or quantitative limits on licenses).

Within five years after accession, all existing non-prudential measures restricting ownership, operation, and legal forms of foreign financial institutions, including those concerning internal branching and licensing, will be eliminated.

Foreign financial institutions meeting the following conditions are permitted to establish wholly foreign-owned banks or wholly foreign-owned finance companies in China:

— Total assets exceeding US$10 billion at the end of the year prior to application.

Foreign financial institutions meeting the following conditions are permitted to establish branches of foreign banks in China:

— Total assets exceeding US$20 billion at the end of the year prior to application.

Foreign financial institutions meeting the following conditions are permitted to establish Sino-foreign joint venture banks or Sino-foreign joint venture finance companies in China:

— Total assets exceeding US$10 billion at the end of the year prior to application.

Qualifications for foreign financial institutions to engage in local currency business:

— Three years of operation in China and two consecutive years of profitability prior to application.

Otherwise, none.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for geographic restrictions and client restrictions on local currency business (listed under market access), foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without restrictions on case-by-case approval. Otherwise, none.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

1.2. Sub-sector: Banking Services – All Types of Loans, Including Consumer Credit, Mortgage Credit, Factoring, and Financing of Commercial Transactions

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

1.3. Sub-sector: Banking Services – Financial Leasing

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

1.4. Sub-sector: Banking Services – All Payment and Money Transmission Services

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

Note:

All payment and money transmission services include credit cards, charge cards and debit cards, traveler’s checks, and bank drafts (excluding insurance and securities).

1.5. Sub-sector: Banking Services – Guarantees and Commitments

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

1.6. Sub-sector: Banking Services – Trading for Own Account or for Account of Customers in Foreign Exchange

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 1.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same time as domestic companies.

1.7. Sub-sector: Non-Bank Financial Institutions Engaged in Automotive Consumer Credit

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

— Provision and transfer of financial information, financial data processing, and related software by suppliers of other financial services;

— Advisory, intermediation, and other auxiliary services for all activities listed in (a) to (k), including credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: None

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: Unbound

(2) Consumption abroad: None

(3) Commercial presence: None

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

1.8. Sub-sector: Other Financial Services – Provision and Transfer of Financial Information, Financial Data Processing, and Related Software by Suppliers of Other Financial Services

Market Access Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None. Approval criteria for operating in China’s financial services sector are solely prudential (i.e., without economic needs tests or quantitative limits on licenses). Foreign institutions are permitted to establish branches.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

1.9. Sub-sector: Other Financial Services – Advisory, Intermediation, and Other Auxiliary Services for Banking and Other Financial Services (excluding insurance and securities)

Market Access Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None. Approval criteria for operating in China’s financial services sector are solely prudential (i.e., without economic needs tests or quantitative limits on licenses). Foreign institutions are permitted to establish branches.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Note:

Advisory, intermediation, and other auxiliary services for banking and other financial services (excluding insurance and securities) include credit reference and analysis, investment and securities research and advice, advice on acquisitions, and advice on corporate restructuring and strategy.

2. Financial Services – All Insurance and Insurance-Related Services

2.1. Sub-sector: Life Insurance, Health Insurance, and Pension/Annuity Insurance

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

(a) Reinsurance;

(b) Insurance for international maritime, aviation, and transport; and brokerage for large-scale commercial risks, international maritime, aviation, and transport insurance, and reinsurance.

(2) Consumption abroad: Unbound for insurance brokerage. Otherwise, none.

(3) Commercial presence:

A. Form of establishment:

Foreign non-life insurance companies are permitted to establish branches or wholly foreign-owned subsidiaries. Restrictions on form of establishment are eliminated.

Foreign life insurance companies are permitted to establish joint ventures with foreign equity limited to 50%, and may freely choose joint venture partners. Joint venture partners may negotiate the terms of their contracts, provided they do not exceed the commitments contained in this schedule.

For brokerage of large-scale commercial risks, reinsurance brokerage, and brokerage for international maritime, aviation, and transport insurance and reinsurance: foreign equity participation may reach 51%. Wholly foreign-owned subsidiaries will be permitted within five years after China’s accession.

For other brokerage services: unbound.

Insurance companies will be permitted to establish internal branches as geographic restrictions are progressively eliminated.

B. Scope of business:

Foreign non-life insurance companies are permitted to provide “master policy” insurance for large-scale commercial risks without geographic restrictions (see Annex 3).

In accordance with national treatment, foreign insurance brokerage companies are permitted to provide “master policy” business no later than Chinese insurance brokerage companies and on terms no less favorable.

Foreign non-life insurance companies are permitted to provide all non-life insurance services to foreign and domestic clients.

Foreign insurance companies are permitted to provide health insurance, individual/group insurance, and pension/annuity insurance to foreigners and Chinese nationals.

Foreign insurance companies are permitted to provide reinsurance services for life and non-life insurance through branches, joint ventures, or wholly foreign-owned subsidiaries, without geographic restrictions or quantitative limits on licenses.

C. Licensing:

Licensing is without economic needs tests or quantitative limits on the number of licenses.

Qualifications for establishing foreign insurance institutions are as follows: — The investor must be a foreign insurance company with over 30 years of experience in establishing commercial institutions in a WTO member;
— It must have maintained a representative office in China for two consecutive years;
— Total assets must exceed US 5 billion at the end of the year prior to application,except for insurance broker age companies,for which total assets must exceed US 200 million.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None, except that foreign insurance institutions are not permitted to engage in statutory insurance business.

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Note:

For all insurance and insurance-related services, any further authorization granted by China to foreign insurance companies, if its terms are more favorable than those contained in this schedule (including through the expansion of grandfathered investments by establishing branches, sub-branches, or any other legal form), will be extended to other foreign service providers that have so requested.

2.2. Sub-sector: Non-Life Insurance

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

(a) Reinsurance;

(b) Insurance for international maritime, aviation, and transport; and brokerage for large-scale commercial risks, international maritime, aviation, and transport insurance, and reinsurance.

(2) Consumption abroad: Unbound for insurance brokerage. Otherwise, none.

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Note:

Same as 2.1 Note.

2.3. Sub-sector: Reinsurance

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

(a) Reinsurance;

(b) Insurance for international maritime, aviation, and transport; and brokerage for large-scale commercial risks, international maritime, aviation, and transport insurance, and reinsurance.

(2) Consumption abroad: Unbound for insurance brokerage. Otherwise, none.

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Note:

Same as 2.1 Note.

2.4. Sub-sector: Insurance Auxiliary Services

Market Access Limitations

(1) Cross-border supply: Unbound, except for:

(a) Reinsurance;

(b) Insurance for international maritime, aviation, and transport; and brokerage for large-scale commercial risks, international maritime, aviation, and transport insurance, and reinsurance.

(2) Consumption abroad: Unbound for insurance brokerage. Otherwise, none.

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Same as 2.1(3).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

Note:

Same as 2.1 Note.

3. Securities Services

Market Access Limitations

(1) Cross-border supply: Unbound, except that foreign securities institutions may engage in direct trading of B-shares (without Chinese intermediaries).

(2) Consumption abroad: None

(3) Commercial presence:

(a) Unbound, except for:

— Representative offices of foreign securities institutions in China may become special members of all Chinese stock exchanges.

— Foreign service providers are permitted to establish joint ventures to engage in domestic securities investment fund management business, with foreign equity participation up to 49%.

— Foreign securities companies are permitted to establish joint ventures with foreign minority ownership not exceeding one-third. Joint ventures may engage in underwriting of A-shares, underwriting and trading of B-shares and H-shares, and underwriting and trading of government and corporate bonds, as well as fund initiation, without Chinese intermediaries.

(b) Approval criteria for operating in China’s financial services sector are solely prudential (i.e., without economic needs tests or quantitative limits on licenses).

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None

(4) Movement of natural persons: Unbound except as indicated in the horizontal commitments.