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US business delegation meets with Chinese officials to urge the opening of China's vast service sector

BEIJING, China - 04/26/05 - A delegation of US-based service companies organized by the Coalition of Service Industries (CSI) has met with senior Chinese government officials to discuss China's participation in WTO services negotiations.
 
At several high-level meetings with Chinese government officials from several government bureaus including the Ministries of Commerce and Foreign Affairs, the delegation "encouraged China to take a leadership role at the WTO commensurate with its increasing economic strength as one of the world's largest trading powers" and a major beneficiary of the WTO rules-based trading system."

According to a statement released by the Washington, DC-headquartered industry group, the trade group - the largest of its kind in the US - feels "it is thus in China's interest to fully implement its WTO accession commitments and submit a strong revised services offer by the end of May, as called for by the WTO last July." 

Progress in the services negotiations "is an essential element in a balanced WTO Doha package that also must include substantial liberalization in the agricultural, industrial, and other areas," it said.

"Thus far progress in services has lagged behind that of agriculture and goods. Many developing countries have yet to submit initial services offers, and many WTO members submitted offers that are not sufficiently ambitious," it concluded, adding that, "It is important that revised offers due in May capture existing levels of liberalization and contain substantive new liberalization as well."

Speaking at a press conference after one of the meetings, Norman Sorensen, chairman of CSI and President & CEO of Principal International Inc., said, "China's experience in opening its services sector shows that there are significant benefits for emerging markets from services trade liberalization."
 
Chinese exports, he said, "are surging, especially for textiles and other manufactured goods, and Beijing can shrink the trade gap by importing more insurance, banking, telecommunications, express delivery, and other services."
 
The US Congress, he said, "is concerned about this imbalance and they want it addressed and China could moderate this tension and this imbalance by liberalizing financial services."
 
The CSI, he said, "urges the Chinese government to submit an improved revised offer, and to encourage other key partners to do the same so that we can keep on track for the Hong Kong Ministerial and a successful services negotiation."

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