The US, the EU and Japan pressed Beijing at a meeting of the WTO on Monday for failing to fulfill commitments to open its markets made when China joined the trade organization 10 years ago, Reuters reported. The US Trade Representative’s office said in a statement made at the WTO in Geneva that it welcomed China’s progress in implementing commitments to open its financial services market, but that China had not implemented or had only partially implemented some of them, including an agreement to let qualified foreign financial institutions purchase stakes in Chinese banks to set up joint ventures on the mainland. The EU and Japan, meanwhile, pressed for answers on specific areas of regulations, questioning restrictions on foreign ownership of banks and insurance companies and the country’s commitment to streamline banking regulations. The terms of China’s accession to the global trade group called for an annual review during the first eight years and a final review in the 10th year.
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