China welcomes WTO ruling on China-US e-payment dispute

BEIJING -- The Ministry of Commerce (MOC) on Friday welcomed a ruling by a World Trade Organization (WTO) dispute panel rejecting part of the accusations made by the United States against China's handling of electronic payments.

The dispute panel passed a report Friday that dismissed US accusations that China UnionPay is the only service provider in the market, ruling that China has not barred foreign service providers from entering the Chinese market.

The report also rejected the US view that foreign service providers can provide cross-border supplies of electronic payment services into China. The panel judged that foreign service providers must meet the requirements under China's Schedule of Specific Commitments on Services.

The Chinese government has always kept its promise of supporting orderly competition and the sound development of the e-payment market, the MOC said in a statement.

In fact, China's e-payment market is already an open one, and cooperation and competition between domestic and foreign institutions is in line with the market trend, it said.

News we recommend: Prices fly for Angry Birds' merchandise Real Economy Faces Real Challenges Spirited into the world of e-commerce E-shopping fuels domestic consumption Lake cleanup pays off big with tourist dividends China's beauty industry profits from a makeover Taxing times for China's tax reformers  Experts divided on yuan’s future [Audio]Soccer in China Part III: The Business Side