The US, by right of its competitive advantages, has become the
biggest beneficiary of the opening of services by China, Vice
Premier Wu Yi said in Washington Thursday.
In the past five year, for example, shares held by American
financial institutions in Chinese banks have taken up nearly 40
percent of the total FDI (foreign direct investment) used by
China's banking industry, Wu said while delivering a speech at a
welcome banquet hosted by six American organizations.
According to Wu, the number of representative offices of
American law firms in China has accounted for nearly 45 percent of
the total of overseas firms, and their business revenues have
accounted for more than 50 percent of the aggregate.
The number of American companies awarded a direct selling
license has been 55 percent of FIEs (foreign invested
enterprises)in China.
China has imported 121 American movies on both lump-sum and
revenue-sharing basis, accounting for 52 percent of all films
imported and the share of imported American AV products has always
been between 50 percent to 75 percent.
Of the nearly 50,000 American invested enterprises in China,
over 90 percent have obtained right to trading and to distribution,
the vice premier said.
Wu said that the rapid development of services market in China
and the notable advantages of modern American services sector mean
enormous cooperation potential enjoyed by the two sides.
"We agree to the US proposal on developing an innovative and
effective services sector," she said. "But at the same time, we
want to draw the American attention to the fact that China is a
developing country, whose modern services industry starts late and
is still at a very low level."
Further opening up of China's services sector can only be
realized steadily and safely in light of its national conditions
and cannot be achieved overnight, Wu said, adding "acting with
undue haste will harm both sides' interests instead."
China is willing to strengthen cooperation with the United
States in services on the basis of equality, mutual benefit and
complementarity, addressing problems emerging from bilateral
cooperation through consultation and striving for a balanced
outcome, the vice premier said.
The six organizations are the US-China Business Council, the US
Chamber of Commerce, the China General Chamber of Commerce-USA, the
American Bankers Association, the American Council of Life Insurers
and Financial Services Forum.
(Xinhua News Agency May 25, 2007)
