金融服务贸易的自由化对中国的影响外文翻译.docx

金融服务贸易的自由化对中国的影响外文翻译.docx

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金融服务贸易的自由化对中国的影响外文翻译

金融服务贸易自由化对中国的影响外文翻译

外文翻译

原文

TheImpactofFinancialServicesTradeLiberalizationonChina

MaterialSource:

TheImpactofFinancialServicesTradeLiberalizationonChina

Author:

Li-GangLiu

Abstract

ThispapershowsthatfinancialservicestradeliberalizationinChinahassetimpetusforaccelerateddomesticfinancialliberalization.Foreignbanks,thoughstillrelativelysmallinsize,havealreadyexertedconsiderableinfluenceonChina’scapitalflows.Empiricalfindingfromthecross-countrystudyindicatesthatfinancialservicestradeliberalizationundertheWTOpromotesbankloanstodevelopingeconomiesstronglythoughnotevenlyconditionaloncountrycharacteristics.

Keywords:

Financialservicestradeliberalization,capitalflows,financialandcapitalaccountliberalization,gravitymodel

I.Introduction

Chinaisundertakingasetofsimultaneous,thoughgradual,domesticfinancialandcapitalaccountliberalization.Atthesametime,itsfinancialsectorisalsoexperiencingincreasedforeigncompetitionasthecountryhasalreadystartedtoallowconsiderableforeignparticipationinitsdomesticfinancialsector.2007willbeawatershedyearasChinawillhavetofullyimplementitsWTOcommitmentsonfinancialservicestradeliberalization.

WhileforeignbanksinemergingmarketspromoteefficiencythroughenhancedcompetitionandtransferofskillsClaessens,etal…2001,CommitteeontheGlobalFinancialSystemCGFS,2004,theyalsoposechallengestopolicymakersinareasofmanagingliberalizationpace,upgradingsupervisionskills,andconductingmonetarypolicy.Empiricalfindingssuggestthatwithmorecountriesembarkinguponfinancialliberalization,theriskoffinancialcriseshasalsoincreased.Itwasobservedthatsincethe1980s,overtwo-thirdsofIMFmembercountrieshaveexperiencedsignificantproblemsinthebankingsectorLindgren,et.al…1996.StudiesontherelationshipbetweenfinancialliberalizationandbankingcrisisalsoindicatethatfinancialliberalizationraisestheprobabilityofabankingcrisisDemirguc-Kunt&Detragiache,1998.Moreover,inemergingmarketeconomies,abankingcrisisisusuallyassociatedwithabalanceofpaymentcrisiswhenthecountry’scapitalaccountisopenKaminsky&Reinhart,2000.

Becausefinancialservicestradeliberalizationofteninvolvescapitalflows,foreignparticipationwillcertainlycomplicatetheongoingprocessofdomesticfinancialandcapitalaccountliberalizationinemergingmarketeconomies.Itishypothesizedthatforeignbankparticipationwouldacceleratebothdomesticfinancialandcapitalaccountliberalizationandinparticular,itwouldmakeahostcountry’scapitalcontrolregimeprogressivelymoreineffective,thusleadingtodefactocapitalaccountliberalization.Withoutnecessarymodificationsregardingtheirexchangerateregimesandthewaystheyconductmonetarypolicies,emergingmarketeconomiesmayexperienceinherentpolicyinconsistenciesthatcouldeventuallyleadtocapitalaccountcrisesThispaperintendstoexaminetheseissuesraisedaboveintwosegments:

First,itexaminestheimpactofforeignbankpresenceonChina’srapidlyevolvingdomesticandexternalfinancialliberalization.UsingChinaasacasestudy,thepaperintendstoshedlightonwhetherforeignparticipationhelpsaccelerateChina’sdomesticfinancialandcapitalaccountliberalization.ThepaperthenexaminestheimpactoftheWTOfinancialservicestradeliberalizationcommitmentsandespeciallythebankingsectorcommitmentsonbankloanstodevelopingeconomies.Specifically,theempiricalstudyofthissectionhopestoshedlightonwhetherfinancialservicestradeliberalizationhelpspromotebankloanstodevelopingeconomies.

Thepaperproceedsasfollows:

SectionIIprovidesanupdatedreviewontheGeneralAgreementofTradeinServiceswithafocusonthefinancialservices.SectionIIIexamineswhetherforeignbankpresenceinChinahelpsacceleratedomesticfinancialandcapitalaccountliberalization.SectionIVpresentssomeempiricalfindingsonwhetherthefinancialservicestradeliberalizationcommitmentspromotebankloanstoemergingmarketeconomies.SectionVdiscussesimplicationsforpolicy.

II.FinancialServicesTradeLiberalizationundertheGATS

II.1:

GATSRules:

Anupdatedreview

FinancialservicestradeliberalizationnegotiationsFSTLN,undertheGeneralAgreementonTradeandServicesGATS,aimsatreducingoreventotallyremovingalltradebarriersinfinancialservicessectorbyallowingforeignfinancialfirmsininsurance,banking,securitiesindustryandotherrelatedfinancialservicessectorstoenterahostcountryandenjoynationaltreatment.TheGATS,launchedintheUruguayRoundin1986,wasnotabletoreachanyagreementuntilApril1994,severalmonthsaftertheconclusionoftheUruguayRoundattheendof1993Kono,etal…,1997.NegotiationsonfinancialservicesagreementswerealsoextendedfarbeyondtheUruguayRoundandfinallyreachedagreementin1997.InthecurrentandnewDoharoundofWTOnegotiations,financialservicesandotherserviceswillbea“built-in”agenda,thushavingthebenefitofrenewedemphasisKey,2003.

FSTLNspecifiesgeneralcommitments,specificexemptions,andmodesofsupplyofservices.Thesecommitmentsgoverningmodesoffinancialservicessuppliedandtheycandifferfromcountrytocountryandcanbephasedinovertimedependingontheinitialagreements.However,thegeneralcommitmentsofGATSalsoapplytoFSTLNhavethefollowingfeaturesKono,etal…,1997:

1

?

MostfavorednationMFN:

AllliberalizationmeasuresmustbeextendedtoallWTOmembersequally?

Marketaccessandnationaltreatment:

WTOmembercountriescannotdiscriminatebetweendomesticandforeignfirms,exceptwhenexplicitlyindicatedatthetimeofjoiningtheGATS?

Transparency:

Localregulationsshouldbepublishedandmadeaccessibletoall?

Progressiveliberalization:

Memberstatesagreetoincreasethenumberofliberalizedsectorsandtoeliminateexceptionswithinsectorsbycommittingtofuturenegotiatingrounds?

Disputesettlementmechanism:

Allcommitmentsarelegallybinding.Harmedstatescaninitiateanarbitrationprocedure.Iffoundharmed,thecountrycanimposesanctionsagainsttheviolatingcountryHowever,FSTLNalsohassomeimportantexemptions:

?

Exemptionforgovernmentservices:

ActivitiesofthecentralbanksorothergovernmentauthoritiescarryingoutmonetaryandexchangeratepoliciesareexcludedfromGATS?

Prudentialcarve-out:

ItisexemptedfromGATSandisdesignedtoensurethathostcountrygovernmentscanprotecttheirdomesticfinancialsystemandparticipantsofthefinancialsystemthroughtheapplicationofthehostcountryprudentialstandards.Theseprudentialmeasuresinprincipledonothavetocomplywiththenationaltreatment,marketaccesscommitmentsanditsmostfavorednationresponsibilityKey,2003.However,theprudentialcarve-outisnotmeanttobeanoverridingexceptiontoamember’sobligations,asprudentialmeasuresshouldnotbeusedtoavoidamember’sobligationorcommitments?

Somenon-prudentialrelatedgovernmentregulationsforexample,practicesrelatedtoindustrialpolicytoprovidecredittocertainindustriesarealsoexemptedfromthecommitmentsoftheGATSunlesssuchpoliciesviolatethegeneralcommitmentsasspecifiedaboveKono,etal…,1997Similartoothertypesofservices,FSTLNalsocoversfourmodesofsupply:

cross-border,consumptionabroad,commercialpresence,andmovementsofnaturalpersons.

Mode1orcross-bordersupply:

IfaconsumerincountryAandasupplierincountryB,theservicecrossesthebordertomeettheneedoftheconsumerinCountryAe.g.,AJapanesebankinTokyolendstoaChinesefirminShanghai.Dependingonthenatureoftransactions,thismodeofsupplyinfinancialserviceswillofteninvolvenotonlyfinancialservicesbutalsocapitalflowsTable1?

Mode2orconsumptionabroad:

ItreferstoascenariothataconsumerinCountryAwillhavetotraveltoCountryBwheretheservicesupplierislocatedinordertoconductatransactione.g.,AJapanesecompanyopensabankaccountwithabankinChinaaJapanese,otherforeign,orevenadomesticChinesebankfortransactionsoccurringinChina?

Mode3orcommercialpresence:

ItreferstoaserviceincountryAprovidedbyasupplierincountryBtookplaceatapermanentplaceofbusinesslocatedincountryAe.g.,AJapanesebanklendsfirmsinChinathroughitsbranchinChinaTable2?

Mode4ormovementofnaturalpersons:

ItreferstoaserviceincountryAisprovidedbycountryBwithpersonnelimportedfromcountryBe.g.,AbranchofaJapanesebankdrawsitsmanagementfromitsheadquartersinTokyoAsdiscussedabove,measuresundertakenforprudentialpurposesareexemptedfromthebasicrules.Becausethereisnonecessitytestofvalidity,such“carve-outs”couldbepotentiallyusedasrestrictionsorbarriersforforeignentry.Inaddition,onlyasovereign,notaprivatebank,canbringcomplainstotheWTOdisputepanelKey,2003Althoughfinancialservicesofteninvolvecapitalflows,theFSTLNunderGATSdoesnothaveanyauthoritytooverridethemeasuresofcapitalcontrolsinahosteconomy.Undercapitalcontrols,across-borderfinancialservicetrademayoccurbutnotnecessarilythecapitalflowsassociatedwiththeservice.ThisisbecauseFSTLNunderGATShastobeconsistentwiththecurrentaccounttransactionsoftheIMFArticlesofAgreement.Itdoesnot,however,covercapitalaccounttransactions.Inprinciple,countriesthathavesignedontheGATSinfinancialservicescancontinuetoengagetheircapitalcontrolmeasuresandpracticesTable3usesthebankingbusine