China announces new rules for foreign financial media

dikaios

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BEIJING -- Beijing announced rulesthat ease controls on foreign financial information providers Thursdayunder an agreement with the United States, Europe and Canada but saidthose already operating in China must apply for permission to continue.
The rules drop arequirement that foreign providers must work through a Chinese agentand reduces the amount of information they must disclose about theiroperations. Beijing agreed to the changes in November to end aWorld Trade Organization complaint that it improperly helped thestate-run Xinhua News Agency compete to supply financial data to banks,brokerages and other clients. Trade officials said the settlement wouldhelp Thomson Reuters Corp., Bloomberg LP and Dow Jones & Co.
Xinhua was replaced as the industry regulator in February with aCabinet body, the State Council Information Office, after complaintsthat Xinhua should not be allowed to regulate its competitors.
Foreign providers that already operate in China must apply to the newregulator by July 1 for permission to continue, said a Cabinetstatement. It said the regulator has the power to reject applicationsbut gave no grounds on which permission might be refused.
Foreign governments and business groups complain that Chineseauthorities sometimes misuse regulatory decisions to protect domesticcompanies from competition.
The American Embassy in Beijingreferred questions to the U.S. Trade Representative's office inWashington. A spokesman for the European Union mission in Beijing saidit had no immediate comment. Spokespeople for Thomson Reuters,Bloomberg and Dow Jones did not immediately respond to requests forcomment.
China and its trading partners have wrangled overaccess to its market for financial information since 2006, when thegovernment began requiring foreign providers to funnel data throughXinhua to banks, securities firms and other clients.
Washingtonand other governments complained that arrangement curbed access to theChinese market. Beijing promised when it joined the World TradeOrganization in 2001 not to close markets that it already had opened.
Foreign providers will be required to give the Cabinet office detailsof products, according to the regulations. It said the office wouldkeep confidential any business secrets. That was a condition ofNovember's settlement after companies resisted providing information toXinhua, a potential competitor.
Xinhua, best known as themouthpiece of the ruling Communist Party, is trying to transform itselfinto a competitive, profitable company but has had only limited success.
It began competing with foreign financial information providers in 2007with the launch of its own service, “Xinhua 08.” The agency's presidentexpressed hope it would overtake Western companies in the financialinformation sector.

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dikaios

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好像编辑器有点问题，拷贝文章的时候经常在字里行间多出或少掉一个空格

【 在 dikaios 的大作中提到: 】
: BEIJING -- Beijing announced rulesthat ease controls on foreign financial information providers Thursdayunder an agreement with the United States, Europe and Canada but saidthose already operating in China must apply for permission to continue.
: The rules drop arequirement that foreign providers must work through a Chinese agentand reduces the
: (以下引言省略...)

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