USA tries to enter the Chinese bank card market

Sino-US trade dispute is upgrade comprehensively. Yesterday, almost the RMB exchange rate in the U.S. Congress held hearings the same time, the United States announced two into the World Trade Organization case against China trade disputes a request for consultations, which marked the United States disputes the "war of words" to real action, and "struggle" in the field to the exchange rate, trade spread to attempt to open the Bank of China (3.23, 0.00, 0.00%) card market in the field.

Ron Kirk, U.S. Trade Representative on the 15th at the United States claimed that the country has put forward two WTO case on China trade disputes a request for consultations, one of China's imported from the United States oriented electrical steel and countervailing duties of anti-dumping case, another on the U.S. electronic payment service providers is limited in the case of China.

According to Xinhua, Kirk said that since 2001, Bank of China issued a number of restrictions to make the RMB payment card transactions monopoly by China Union Pay, cause discrimination against foreign suppliers, in violation of Chinese commitment to open financial market. Cell phone industry has a bright future.

This naturally reminds the market a few months ago, the closure of China Union Pay and VISA channels dispute. Now appears that this is not only not forgotten, is rising from the enterprise level to national level. As of press time yesterday, China Union Pay respect to this matter did not reply.

In fact, the United States will issue a long time brewing. According to Bloomberg news agency reported this year in March, when the VISA, AMEX (American Express) and MasterCard (MasterCard) that the three belong to the United States, international credit card organizations, discussed by the United States the World Trade Organization (WTO) Trade Representative on China limited its China business development, to protest, but perhaps for several major foreign credit organizations could not reach an agreement that was discussed last stop at a discussion with counsel, ultimately did not make formal complaints.

Since China joined the WTO in 2001, when it promised the end of 2006, will be open to foreign enterprises in the local credit card and other financial transaction services. But today, China still does not allow foreign companies in China in RMB-denominated credit cards issued, to establish support for the credit card network or to network with industry sales transactions between banks.

"China's actions deprived the U.S. credit and debit card company to enter China's huge market opportunity, and therefore unfair." Kirk said.

MasterCard International card associations report released last week predicted 10 years China will have 900 million credit cards in use, then China will overtake the United States as the world's largest credit card market. The agency also estimated that by 2025 credit card issuers in China will grow 20 times revenue, and profit will increase 30-fold, namely, income and profits to about 105 billion U.S. dollars and 340 billion dollars.

Xinhua News Agency yesterday issued a document that the financial crisis, the United States marked the rise of trade protectionism, China has become the most abused victims of trade remedy measures. China-US trade disputes between the two countries in most of the steel industry has been the focus of debate in the United States, manufacturers have been a series of steel products from China will seek trade relief. In response, in April this year, the Chinese Ministry of Commerce ruled that imports from the United States oriented electrical steel anti-dumping and countervailing duties. This is also the implementation of China's first imported products (wholesale products), "dual" investigation.

The U.S. trade complaints on these two made the request for consultations (global trade), China has 10 days to respond; consultation period of 60 days. After consultations, the United States may request the establishment of dispute settlement team to WTO. From: China wholesale

Article Source: http://casinoarticles.us

wholesale products, global trade, China wholesale

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