Beijing has won the right to continue to limit access to its construction market following discussions with the US, Europe and Japan. Foreign companies seeking to bid for any kind of project need a permanent staff of at least 300 technical personnel on the ground in China and registered capital of US$36 million, even if they do not have any work to do, the Financial Times reported. The move will effectively force them to enter the construction market as joint ventures or advisers to local enterprises rather than stand alone entities, and force them to transfer technology. While China is fighting to protect its markets, Chinese construction companies have made a concerted push overseas and have won contracts in Iran, Saudi Arabia, Russia and even the US. China is now the sixth-largest engineering contractor in the world with an industry worth US$21.8 billion. China agreed to open its construction market as part of its World Trade Organization accession agreement in 2001.