中国银行业开放：服务贸易入世承诺与中国动态经济改革互动影响研究

INTERACTIVEROLEOFGATSCOMMITMENTANDDYNAMICSOFCHINESEECONOMICREFORMINTHECONTEXTOFBANKINGLIBERALIZATION中国银行业开放：服务贸易入世承诺与中国动态经济改革互动影响研究李轩[e-mail]’SRADICALSERVICECOMMITMETNSANDDEBATABLEBANKINGLIBERALIZATION2.1.OverviewofChinaWTOServiceLiberalizationCommitments2.2.ChineseBankingSectorCommitments2.2.1.MajorHorizontalCommitments2.2.2.CommitmentsonBankingServicesandOtherFinancialServices2.2.3.EvolutionofChineseBankingCommitments2.2.4.DebateoverChineseBankingCommitmentsIII.POLICYANALYSIS:INTERACTIVEROLEOFWTOANDCHINAECONOMICREFORMOFCHINESEBANKINGREFORM3.1.RationaleofChineseBankingReform3.1.1.ImpetusofBanking/EnterprisesReformafterAsianFinancialCrisis3.1.2.TheoreticalBasisforSustainableReform3.1.3.ComparisonofThreeCategoriesofEnterprisesandDynamicsofPrivateSector3.1.4.KeyBarrierstoChineseEconomicDevelopment3.2.WhyPursuingEconomicReformObjectivethroughWTO?3.2.1.EconomicConsiderations3.2.2.PolicyConsiderationsIV.LEGALANALYSISOFCHINESEBANKINGCOMMITMENTANDLIBERALIZATION4.1.ImplicationofGATSLegalProvisionsonBanking4.1.1.ScopeoftheCoverage4.1.2.Non-discriminationRequirement4.1.3.GATSProvisionsrelatedtomaintainingnationalfinancialsovereignty4.2.Chinesebankingregulationsdevelopmentanditsimplication4.2.1.MajorweaknessofChineselegalsystemonbanking4.2.2.ChineseLegislationResponses4.2.3.ImplicationonForeignBanks4.2.4.LegalEvaluationVI.CONCLUSIONiiiivLISTOFTABLESTable1:CoverageofSpecificCommitments(percent)Table2:China’sWTOCommitmentsRelatingtoBankingServicesTable3:China’sFinancialCommitmentsonMarketAccess:Past,PresentandFutureTable4:PerformanceofChina'sState-ownedCommercialBanks,1996Table5:SharesofStateandNon-publicSectors(%)Table6:China:StateBankCreditAllocation,1993-2000(InpercentofGDP)Table7:ComparisonofCapitalAccountLiberalizationandFinancialServiceLiberalizationTable8:MemberswithMFNExemptions(bysector)vABBREVIATIONAMCs:assetmanagementcompaniesBOPs:balanceofpaymentsFOEs:foreign-owned-enterprisesGATS:GeneralAgreementonTradeinServicesIFC:InternationalFinancialCorporationIMF:InternationalMonetaryFundMFN:Most-favored-nationNPLs:Non-PerformingLoansNT:nationaltreatmentRMB:Renminbi(Chinesecurrency)SCBs:statecommercialbanksSOEs:state-owned-enterprisesTheBigFour:IndustrialandCommercialBankofChina,theBankofChina,theConstructionBankofChinaandtheAgricultureBankofChinaUNCTAD:UnitedNationConferenceofTradeandDevelopmentWB:theWorldBankWTO:WorldTradeOrganization1INTERACTIVEROLEOFGATSCOMMITMENTANDDYNAMICSOFCHINESEECONOMICREFORMINTHECONTEXTOFBANKINGLIBERALIZATIONI.INTRODUCTIONChina’sGATScommitmentsrepresentthemostradicalservicesliberalizationintheWTOnegotiationhistory.China,oneofthemostclosedservicesmarkets,haspromisedtobecomeoneofthemostopenintheworldoveraperiodofsomefiveyears.Thepervasiveview,bothdomesticandinternational,isthatChinawasobligedtocommititselfinfinancialserviceliberalizationinexchangeofWTOadmissionticket.TheissueoftheGATSinthecontextofbankingliberalizationattractsmuchoftheattentionasChina’sbankingsystemhasbeenovershadowedbylargeamountofNon-PerformingLoans(NPLs).Thecentralquestionis:AretheChineseWTOcommitmentsanactofimprudence,thatmaybeperceivedasadramaticlossofdiscretioninpolicy-makingandamoveleadingtoeconomicinstability,or,onthecontrary,arethosecommitmentseconomically,legallyandpoliticallydesirable?Ifthisisdesirable,whataretheunderlyingdrivingeconomicmotiveswhichhadnotbeenrevealedofficiallyorexaminedacademicallybefore?Inaddition,whatarethenecessarysupportingandaccompanyingdomesticreformsinordertomaximizethebenefitsfromtheenvisagedliberalization?Byapplyingbotheconomicandlegalanalysis,thisstudyattemptstoidentifythebottlenecksofdomesticreformatthetimeChinatookthecommitmentshortlyaftertheAsianfinancialcrisis.Marketfailure,monopoly,inequalitytreatment,arethreemajorbarrierstofurthereconomicdevelopment.Essentially,therewerecompellingneedstocreateanenablinglegalframeworkandacompetitiveenvironmentfortheemergingprivatesector.ItiscrucialtofacilitatethetransformationoftheState-owned-enterprisesandState-owned-banksandenablethereformstobesustainable.Inthiscontext,thestudywillhighlightwhatobligationGATSmeantandhowChineselegislationresponded.ItfurtherexaminestheinteractiveroleofWTOcommitmentwithChinesedomesticeconomicenvironmentanddevelopmentafterChina’sWTOaccession.Thispaperisorganizedasfollows.AfterabriefintroductioninSectionI,SectionIIpresentsageneralpictureofChina’sservicecommitmentandbankingsectorcommitmentinparticular.SectionIIIanalyzesthelogicforChinatoconductbankingreformsendogenouslyandprovidestherationaleforthepuzzlewhyChinaneedsWTOtodealwiththedevelopmentbarriers.SectionIV,fromalegalperspective,evaluateswhetherChinesebankingcommitmentwouldcompromiseChinapursuingmacroeconomicstability,andhoweffectiveregulationswouldhelpChinatoachievethestabilityafterWTOaccession.Inthefinalsection,aconclusionwillbedrawnonthesignificanceofChina’sapproachthatcouldserveasusefulreferenceforotherWTOaccedingcountriestomaketheirliberalizationcommitments.2II.CHINA’SRADICALSERVICECOMMITM