Research On The Legal System Of Trade In Financial Services Under The Free Trade Area Between China And South Korea

Under the background of regional economic integration,establishing Free Trade Area has become a trend.After negotiations for two and a half years,China and South Korea,as neighboring countries,have signed the China-South Korea Free Trade Agreement,which taking effect on 20th December 2015.Among all the Free Trade Agreements that China has signed so far,the Agreement involves the largest country-trade volume and the most trade domains,which has an extremely important role in promoting the further development of economy and trade between China and South Korea.Trade in services is a rapid developing domain of international trade,compared to trade in goods.As one of the important departments of trade in services,trade in financial service plays an important role in promoting national economy.China and South Korea have made specific provisions of trade in financial services in chapter 9 of China-South Korea Free Trdegreement.In the form of schedules of specific commitments,they both undertake specific commitments to each other's department of trade in financial services,above the level of their commitments in WTO,which mainly involves two aspects of market access and national treatment.These specific commitments will gradually eliminate the barriers and restrictions of trade in financial services between China and South Korea,and will promote the liberalization of trade in financial services between the two countries.Implementation of the China-South Korea Free Trade Agreement brings opportunities for the development of China's financial services and also brings challenges for the China's domestic legal regulation of financial services.After the accession to the WTO,China has revised a series of laws and regulations about trade in financial services,in order to fulfill its financial service commitments to WTO.However,after the establishment of China-South Korea Free Trade Area,China's domestic laws and regulations of financial service trade needs further perfection,to deal with China's high-level commitments on trade in financial services.The thesis is divided into four chapters,the specific arrangement are as follows:The research background,research significance and content,literature review of this thesis,and development status of financial services in China and South Korea,are introduced in Chapter 1;Free Trade Area between China and South Korea and its system of trade in financial services are broadly introduced in Chapter 2.It involves the negotiation process for Free Trade Area between China and South Korea,the content of the Agreement and the scope and legal framework of its trade in financial services.Besides preface,there are 22 chapters in China-South Korea Free Trade Agreement,which covers 17 domains including trade in goods,trade in services,investment,intellectual property and etc.Under Free Trade Area between China and South Korea,the legal framework of financial services involves market access,national treatment,principle of prudent exception,transparency and dispute settlement mechanism;In Chapter 3,China's and South Korea's commitments on market access and national treatment of financial services in each other's schedules of specific commitments,including all insurance and related services,banking service and other financial services,are emphatically discussed and comparatively analyzed,based on the chapter 9 of China-South Korea Free Trade Agreement and their specific commitments relating to financial services.After comparative analysis,it comes out that the openness level of market access in areas of China's financial services is higher than South Korea's.However,South Korea only opens fewer sectors of financial services.Moreover,the sectors of financial services that China promises to provide national treatment for are much more than South Korea's and I tried to analyze its causes.The lawmaking principles and process of laws and regulations on trade in financial services of China are concluded in Chapter 4 firstly.Secondly,the existing laws and regulations on legal supervision and administration of foreign financial institutions in China are detailedly discussed from areas of banking,insurance and security.The rules regulating foreign financial institutions include enterprise forms,requirements for establishing,shareholder's qualifications,scope of business,clients,geographic restrictions and etc.Finally,I give perfection advice for legislative system,specific rules and system of supervision and administration of the three areas.China should open more market access forms and sectors in trade in financial services and strengthen international cooperation in supervision and administration of foreign financial institution.