China is drafting legislation to open its auction market to foreign firms in line with its commitment to WTO membership. Foreign firms will be allowed to establish solely-invested auction houses from December 11, a statement from the Ministry of Commerce said, adding that it was seeking public suggestions on the new regulations. A spokesman from the China Association of Auctioneers told the China Daily he expected foreign firms would initially seek to combine operations with a domestic partner, matching their strength in capital, technology and management with local firms' resources and understanding of the domestic market.
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