Arab Today, arab today china\reservations\ over wto payments ruling
Last Updated : GMT 16:02:07
Arab Today, arab today
Arab Today, arab today

China : \'reservations\' over WTO payments ruling

Arab Today, arab today

Arab Today, arab today China : \'reservations\' over WTO payments ruling

Beijing- AFP

Beijing said on 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.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\reservations\ over wto payments ruling Arab Today, arab today china\reservations\ over wto payments ruling

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china\reservations\ over wto payments ruling Arab Today, arab today china\reservations\ over wto payments ruling

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Girl barred from Malaysia chess competition

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday