China "exceeds" WTO commitments

China has gone well beyond its market-opening obligations made as part of its membership of the World Trade Organization, and will go further still, Vice Premier Wu Yi said. Speaking at a conference in Xiamen, the former trade minister said further liberalization would encourage even higher levels of foreign investment, especially in the banking industry and help improve the quality and efficiency of Chinese banks. In other sectors she said China had more than fulfilled its WTO obligations to cut tariffs and dismantle non-tariff barriers, such as bureaucratic restrictions.