Law Of Financial Service On WTO And China

Under the background of economical and financial globalization, opening the markets in financial services becomes a trend. WTO Laws is a set of multilateral treaties regulating trade activities including financial services between WTO members. WTO Financial Services Trade Law is composed of General Agreement on Trade in Services, and Annexes on Financial Services, and WTO Financial Services Agreement being concluded in1997.GATS and its Annexes on financial services set principles, definition and extension for trade in financial services. FSA is mainly composed of schedules of specific commitment concerning financial services by WTO member governments and embodies their level in liberalizing trade in financial services. In addition, WTO Financial Services Trade Law has making progresses in the new services negotiations, which was formally launched in 2000.On Dec.11, 2001, China formally joined WTO. China government has always performed its WTO commitments properly. At the meeting on Dec. 1,2003, the Committee on Trade in Financial Services carried out the second transitional review of the implementation by China of its WTO commitments. In the past two years, China has made large progress in opening markets in financial services and establishing financial legislation in foreign finance bodies' supervision. Howerer, China Financial Law System is still needed to be amended.This paper firstly states and analyzes the contents of WTO Financial Services Trade Law, then reviews the implementation by China of its WTO commitments, finally puts forward recommendation on amending financial legislation of China.