China-New Zealand Opening Commitments​

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

1.1. Sub-sector: Banking Services – Acceptance of public 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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to provide services to Chinese enterprises. Foreign financial institutions are permitted to provide services to all Chinese clients. Foreign financial institutions licensed to conduct local currency business in one region of China may service clients in any other region that has been opened for such business.

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Remove all existing non-prudential measures restricting ownership, operation, and juridical form of foreign financial institutions, including on internal branching and licenses.

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank 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 a branch of a foreign bank 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 a Sino-foreign joint venture bank in China: total assets exceeding US$10 billion at the end of the year prior to application.

Qualifications for foreign financial institutions engaging in local currency business: operation in China for 1 year prior to application. Otherwise, none.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without case-by-case approval or requirements. Otherwise, none.

Additional Commitments

For financial leasing services, foreign financial leasing companies will be 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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to provide services to Chinese enterprises. Foreign financial institutions are permitted to provide services to all Chinese clients. Foreign financial institutions licensed to conduct local currency business in one region of China may service clients in any other region that has been opened for such business.

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Remove all existing non-prudential measures restricting ownership, operation, and juridical form of foreign financial institutions, including on internal branching and licenses.

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank 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 a branch of a foreign bank 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 a Sino-foreign joint venture bank in China: total assets exceeding US$10 billion at the end of the year prior to application.

Qualifications for foreign financial institutions engaging in local currency business: operation in China for 1 year prior to application. Otherwise, none.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without case-by-case approval or requirements. Otherwise, none.

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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to provide services to Chinese enterprises. Foreign financial institutions are permitted to provide services

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank 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 a branch of a foreign bank 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 a Sino-foreign joint venture bank in China: total assets exceeding US

Qualifications for foreign financial institutions engaging in local currency business: operation in China for 1 year prior to application. Otherwise, none.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without case-by-case approval or requirements. Otherwise, none.

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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to provide services to Chinese enterprises. Foreign financial institutions are permitted to provide services to all Chinese clients. Foreign financial institutions licensed to conduct local currency business in one region of

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Remove all existing non-prudential measures restricting ownership, operation, and juridical form of foreign financial institutions, including on internal branching and licenses.

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank in China: total assets exceeding US$10 billion at the end of the year prior to application.

Foreign financial institutions meeting

Qualifications for foreign financial institutions engaging in local currency business: operation in China for 1 year prior to application. Otherwise, none.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without case-by-case approval or requirements. Otherwise, none.

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: including credit, charge and debit cards, travellers cheques and bankers drafts (including import and export settlement).

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 financial services, including credit reference and analysis, investment and portfolio research

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to provide services to Chinese enterprises. Foreign financial institutions are permitted to provide services to all Chinese clients. Foreign financial institutions licensed to conduct local currency business in one region of China may service clients in any other region that has been opened for such business.

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Remove all existing non-prudential measures restricting ownership, operation, and juridical form of foreign financial institutions, including on internal branching and licenses.

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank 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 a branch of a foreign

Qualifications for foreign financial institutions engaging in local currency business: operation

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-in

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: 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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence:

A. Geographic scope: No geographic restrictions for foreign currency business and local currency business.

B. Clients:

For foreign currency business: Foreign financial institutions are permitted to provide services in China without client restrictions.

For local currency business: Foreign financial institutions are permitted to

C. Licensing:

Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Remove all existing non-prudential measures restricting ownership, operation, and juridical form of foreign financial institutions, including on internal branching and licenses.

Foreign financial institutions meeting the following conditions are permitted to establish a wholly foreign-owned bank 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 a branch of a foreign bank 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 a Sino-foreign joint venture bank in China: total assets exceeding US$10 billion at the end of the year prior to application.

Qualifications for foreign financial institutions engaging in local currency business: operation in China for 1 year prior to application. Otherwise, none.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: Except for prudential measures, foreign financial institutions may conduct business with foreign-invested enterprises, non-Chinese natural persons, Chinese natural persons, and Chinese enterprises without case-by-case approval or requirements. Otherwise, none.

Additional Commitments

For financial leasing services, foreign financial leasing companies are permitted to provide financial leasing services at the same

1.7. Sub-sector: Non-bank financial institutions offering auto 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 financial services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.

(2) Consumption abroad: None

(3) Commercial presence: None

National Treatment Limitations

(1) Cross-border supply: Unbound

(2) Consumption abroad: None

(3) Commercial presence: None

1.8. Sub-sector: Other Financial Services – Provision and transfer of financial information, financial data processing and related software by other financial services suppliers

Market Access Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

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

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3 None

1.9. Sub-sector: Other Financial Services – Advisory, intermediation and other auxiliary financial services on 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. Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses). Foreign institutions are permitted to establish branches.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None

Note:

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

2.All Insurance and Insurance-Related Services

2.1. Sub-sector: Life, health and pension/annuity insurance

Market Access Limitations

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

a) Reinsurance;

b) Insurance of international shipping, aviation and transport;

c) Brokerage for large-scale commercial risks, international shipping, 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-owned subsidiaries. No restrictions on form of establishment.

Foreign life insurance companies are permitted to establish joint ventures with foreign equity participation of 50 per cent and have the right to choose their joint venture partners.

Joint venture partners will be free to agree the terms of their engagement, provided they do not exceed the limits of the commitments contained in this Schedule.

For brokerage for large-scale commercial risks, reinsurance brokerage, and brokerage for international shipping, aviation and transport insurance and reinsurance: wholly foreign-owned subsidiaries are permitted. For other brokerage services: unbound.

Insurance companies are permitted to establish internal branches.

B. Scope of business

Foreign non-life insurance companies are permitted to provide "master policy" insurance/insurance for large-scale commercial risks without geographic restrictions. 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 favourable than those for Chinese insurance brokerage companies.

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.

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 the number of licenses issued.

C. Licensing

Licensing is without economic needs test or quantitative limits on the number of licenses issued. Qualifications for establishing a foreign insurance institution are as follows:

The investor shall be a foreign insurance company with more than 30 years’ experience of establishing commercial institutions in a WTO Member;

It shall have had a representative office in China for 2 consecutive years;

Total assets shall exceed US$5 billion at the end of the year prior to application, except for insurance brokerage companies.

Total assets of insurance brokerage companies shall exceed US $200 million.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None, except that:

Except for allowing New Zealand insurance institutions to engage in third-party motor vehicle liability insurance business, New Zealand insurance institutions may not engage in statutory insurance business.

Note:

All insurance and insurance-related services: After accession, any further authorization provided by China to foreign insurance companies, if the conditions are more favourable than those contained in this Schedule (including through the establishment of branches, sub-branches or any other legal form that expands grandfathering investments), will be provided to other foreign service suppliers that have made requests.

2.2. Sub-sector: Non-life insurance

Market Access Limitations

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

a) Reinsurance;

b) Insurance of international shipping, aviation and transport;

c) Brokerage for large-scale commercial risks, international shipping, 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-owned subsidiaries. No restrictions on form of establishment.

Foreign life insurance companies are permitted to establish joint ventures with foreign equity participation of

B. Scope of business

Foreign non-life insurance companies are permitted to provide "master policy" insurance/insurance for large-scale commercial risks without geographic restrictions. 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 favourable than those for Chinese insurance brokerage companies.

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.

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 the number of licenses issued.

C. Licensing

Licensing is without economic needs test or quantitative limits on the number of licenses issued. Qualifications for establishing a foreign insurance institution are as follows:

The investor shall be a foreign insurance company with more than 30 years’ experience of establishing commercial institutions in a WTO Member;

It shall have had a representative office in China for 2 consecutive years;

Total assets shall exceed US$5 billion at the end of the year prior to application, except for insurance brokerage companies.

Total assets of insurance brokerage

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None, except that:

Except for allowing New Zealand insurance institutions to engage in third-party motor vehicle liability insurance business, New Zealand insurance institutions may not engage in statutory insurance business.

Note:

All insurance and insurance-related services: After accession, any further authorization provided by China to foreign insurance companies, if the conditions are more favourable than those contained in this Schedule (including through the establishment of branches, sub-branches or any other legal form that expands grandfathering investments), will be provided to other foreign service suppliers that have made requests.

2.3. Sub-sector: Reinsurance

Market Access Limitations

(1) Unbound, except for:

a) Reinsurance;

b) Insurance of international shipping, aviation and transport;

c) Brokerage for large-scale commercial risks, international shipping, 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-owned subsidiaries. No restrictions on form of establishment.

Foreign life insurance

B. Scope of business

Foreign non-life insurance companies are permitted to provide "master policy" insurance/insurance for large-scale commercial risks without geographic restrictions. In accordance with national treatment, foreign insurance brokerage companies are permitted to provide "master policy

C. Licensing

Licensing is without economic needs test or quantitative limits on the number of licenses issued. Qualifications for establishing a foreign insurance institution are as follows:

The investor shall be a foreign insurance company with more than 30 years’ experience of establishing commercial institutions in a WTO Member;

It shall have had a representative office in China for 2 consecutive years;

Total assets shall exceed US$5 billion at the end of the year prior to application, except for insurance brokerage companies.

Total assets of insurance brokerage companies shall exceed US $200 million.

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence:

Note:

All insurance and insurance-related services: After accession, any further authorization provided by China to foreign insurance companies, if the conditions are more favourable than those contained in this Schedule (including through the establishment of branches, sub-branches or any other legal

2.4. Sub-sector: Insurance auxiliary services

Market Access Limitations

(1) Cross-border supply: Unbound, except

(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-owned subsidiaries. No restrictions on form of establishment.

Foreign life insurance companies are permitted to establish joint ventures with foreign equity participation of 50 per cent and have the right to choose their joint venture partners.

Joint venture partners will be free to agree the terms of their engagement, provided they do not exceed the limits of the commitments contained in this Schedule.

For brokerage for large-scale commercial risks, reinsurance brokerage, and brokerage for international shipping, aviation and transport insurance and reins

B. Scope of business

Foreign non-life insurance companies are permitted to provide "master policy" insurance/insurance for large-scale commercial risks without geographic restrictions. 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 favourable than those for Chinese insurance brokerage companies.

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.

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

C. Licensing

Licensing shall be free of economic needs test or quantitative limits on the number of licenses issued. The qualifications for establishing a foreign insurance institution are as follows:

The investor shall be a foreign insurance company with more than 30 years of experience in establishing commercial institutions in a WTO Member;

It shall have maintained a representative office in China for 2 consecutive years;

Its total assets shall exceed US$5 billion at the end of the year preceding the application, except for insurance brokerage companies;

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None, except that:

Except for allowing New Zealand insurance institutions to engage in third-party motor vehicle liability insurance business, New Zealand insurance institutions may

Note:

All insurance and insurance-related services: After accession, any further authorization provided by China to foreign insurance companies, if the conditions are more favourable than those contained in this Schedule (including through the establishment of branches, sub-branches or any other legal form that expands grandfathering investments), will be provided to other foreign service suppliers that have made requests.

3.Securities Services

Market Access Limitations

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

(a) Foreign securities institutions may engage in B-share business directly (without Chinese intermediaries).

(b) For foreign service suppliers that meet China’s relevant laws and regulations, they are permitted to provide the following services to qualified domestic institutional investors:

Acting as agents for Chinese qualified domestic institutional investors in securities trading.

Providing securities trading advice or portfolio management services.

Custody of overseas assets of Chinese qualified domestic institutional investors.

(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 suppliers are permitted to establish joint ventures to engage in domestic securities investment fund management business with foreign investment up to 49 per cent. Foreign securities companies are permitted to establish joint ventures with foreign minority ownership not exceeding 49 per cent, and the joint ventures may engage in underwriting of A-shares (without Chinese intermediaries), underwriting and trading of B-shares and H-shares and government and corporate bonds, and fund initiation.

b. Criteria for authorization to operate in China’s financial services sector are solely prudential (i.e., without economic needs test or quantitative limits on licenses).

National Treatment Limitations

(1) Cross-border supply: None

(2) Consumption abroad: None

(3) Commercial presence: None