"We have taken note the US and EU have requested consultations at the WTO over the financial information service issue... China respects the choices of other members," the commerce ministry said in a statement on its website.

"China will carefully study the request and handle the issue following WTO procedures."

The statement followed decisions by the United States and European Union to launch formal proceedings Monday against China over rules restricting financial information providers, and after discussions to resolve the dispute failed.

The dispute has been brewing since September 2006 when China renewed the monopoly held by state news agency Xinhua, which prevents foreign providers of financial information services from dealing directly with Chinese clients.

Since the new rules, China has launched its own financial news service, infuriating competitors who accuse Xinhua of ripping off their information.

China been criticised by Canada, the EU, Japan and the United States for its restrictions on foreign financial news agencies.

The lodging of the complaints is the first step in the WTO's dispute settlement process which can sometimes drag on for months if not years.

The dispute comes amid growing tensions between China and Western economies.

Last month, China suffered its first ever defeat at the WTO over a US complaint on car-part tariffs.

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