Free Newsletters - Space - Defense - Environment - Energy - Solar - Nuclear
..
. Earth Science News .




TRADE WARS
China says 'reservations' over WTO payments ruling
by Staff Writers
Beijing (AFP) July 17, 2012


Beijing said Tuesday it had "reservations" over a WTO ruling largely backing the United States in a dispute over lucrative electronic payments, in which US companies are global leaders but lag in China.

More than $1 trillion in electronic payment services (EPS) transactions, including both debit and credit cards, are processed each year in China, the world's second largest economy.

Washington had gone to the World Trade Organization to accuse Beijing of discriminating against US credit card firms.

Ministry of Commerce spokesman Shen Danyang said in a statement that while not all aspects of the WTO ruling went against China, the government had some "reservations" and "will seriously review the panel's report".

The WTO, he said, had found that EPS came under the payment and money transmission services that China "promised to open up at its entry into the WTO".

"China has reservations on this," he added.

Both sides have 60 days to appeal the WTO decision. The Office of the US Trade Representative said it planned to accept the report.

The WTO announced Monday in Geneva that Beijing had violated trade rules in regulations that entrenched China Union Pay, or CUP, as the dominating force in the market.

Among the violations cited were Beijing's requirement that all payment cards issued in China bear the CUP logo, and all terminal equipment must be capable of accepting CUP-logo cards.

Washington claimed China excluded foreign companies from the market for EPS payments denominated in Chinese yuan, only allowing non-Chinese WTO members to supply facilities for card payments in foreign currency.

But the WTO rejected US accusations that China maintains CUP as an "across the board monopoly supplier" for processing all payment card transactions in renminbi, as the yuan currency is officially known.

The WTO nonetheless determined that CUP was a monopoly supplier for clearing certain types of yuan payment-card transactions.

.


Related Links
Global Trade News






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





TRADE WARS
Sydney navy base opened to cruise ships
Sydney (AFP) July 15, 2012
A strategic Sydney naval base is to be used to dock large cruise liners, Australian Prime Minister Julia Gillard said Sunday, just months after the government advised against it on security grounds. Sydney is running out of space to accommodate an explosion of cruise ships wanting to dock while some of the new superliners, such as Queen Mary 2, can not fit under the city's Harbour Bridge. ... read more


TRADE WARS
A 'Phoenix' rises from Haiti quake ashes

Japan govt, media colluded on nuclear: Nobel winner

Japan pushes ASEAN to lift export restrictions

Report faults Fukushima response

TRADE WARS
Microsoft revamps Office with 'cloud' links

New Dell fund will invest in data storage technology

Smart materials get SMARTer

Samsung to buy part of British electronics firm

TRADE WARS
Call for sanctions in mackerel war 'propaganda': Reykjavik

Global warming harms lakes

Chinese sub to dive in South China Sea: media

Extreme 2011 weather laid to twin La Ninas

TRADE WARS
5.5-mile-long landslide spotted in Alaska

Antarctica faces major threats in the 21st century, says Texas A and M researcher

Arctic warming linked to combination of reduced sea ice and global atmospheric warming

Argentina court upholds glacier protections against mining

TRADE WARS
Pioneering self-contained 'smart village' offers world model for rural poverty relief

A shortcut to sustainable fisheries

Tiger kills plantation worker in Indonesia

Sake, soy sauce, and the taming of the microbes

TRADE WARS
Flood-battered Japan warily eyes typhoon

Hurricane Fabio, in Pacific, 'likely' to weaken

Japan troops fly supplies to thousands cut off by floods

Japan troops fly supplies to thousands cut off by floods

TRADE WARS
Afro-Japanese fusion music puzzles traditionalists

Hundreds flee Nigerian villages ahead of army raid: official

Annual Namibia seal cull to start amid protests

Up to Africans to decide on Mali intervention: Hollande

TRADE WARS
New Au. sediba fossils discovered in rock

The Clovis First Theory is put to rest at Paisley Caves

Native American populations descend from three key migrations

Seabirds studied for clues to human aging




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement