Study Of The Legal Problems Of Developing Countries In Trade In Financial Services Market Access

The trend of globalization of world economy and liberalization of financial services is very obvious and no country can hold it back or refuse it, including developing countries . In fact, developing countries have more reasons to take advange of it to impove their undeveloped financial system and promote the efficency of domestic financial services suppliers .Opening financial market can also boost up the stability of their financial systems. But the sensitivity of financial industry and the danger of entangling in world financial crises and striking of internantional capital make them hesitate to promise the market access of financial services .This paper coped with these worries and bring out some principles of making promise of market access for developing countries. And in the end of this paper gave some of its attention to Chinese efforts to fit the request of joining in WTO too and indicated some flaws now existing .To achieve the goal of the paper, he author bring out his opinion by five parts.First, the author introduced the economic position and the status of financial service trade . By analysing the advantage and disadvantage of opening financial market ,the author concluded that opening financial market is necessary and developing countries must impel the process of opening carefully.The second part of this paper introduced the rules of WTO about financial service market access, including General Agreements on Trade in Services. Additionally the part introduced the position of financial service market access of developing countries .The author discussed the position in different continents and different industries separately.The third part of this paper coped with the position of financial service market access in developing countries in territory economic cooperation. The authour believed that the cooperation of developing countries in territory economy system provide fresh idea and new ways for developing countries to develop their financial industry and will absolutely and enormously promote the level of financial market access in developing countries.In the forth part of this paper the author provided some advices for developing countries about how to make the promise of financial market access, some principles were brought out ,they are "the promise of financial market access must be according to domestic reform of financial system", "they must chose the supplier and the way to supply of finanacial services carefully and the right sector of financial industry must be choose to make promise of access", "taking advantage of the special rules of WTO for developing countries to protect their interest "and so on.In the last part of this paper ,the author dealed with the Chinese problems in financial industry. The author found that much progress was achieved in Chinese financial industry .The promises of financial service market access that china made when she became one member of WTO were sensible and wise .And then china has made a series of efforts to carry out the promise including revising relating laws and make some reforms in financial industry. That is praiseworthily. But the author also noticed that there are many problems in the core of financial system untouched .The fruit of attending WTO and the financial reforms can't be stable and enduringly.