The Improvement Of Legal System For Financial Services After China's Entry Into The WTO

Under the background of 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 four parts: General Agreement on Trade in Services, Annex on Financial Services, Memorandum of the Agreement and Financial Services Agreement which was concluded in 1997. GATS and its Annexes on financial services set principles, definitions and extensions for trade in financial services. Memorandum of the Agreement is the specific commitment of the WTO members concerning the national treatment and the market access. 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.After 15 years hard negotiation, On Dec., 11, 2001, China formally joined WTO. In the past five years when entered into WTO, Chinese government made a series of amendments to the financial service law system to meet the requirements of WTO. However, there are still a lot of things must be done to narrow the gap between WTO requirements and Chinese financial service law system.This paper is composed of three chapters. The first chapter reviews the origination of WTO financial services trade law, the components and the main contents of WTO financial services trade law, and China's commitments of WTO. The second chapter introduces the present financial services law system in China. The final chapter firstly introduces the effect of financial globalization then reviews the amendments to the financial services law system after the entry into WTO, finally puts forward some recommendations on the perfection of China's financial services law system.