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 DEVELOPMENT OF CHINA'S INDUSTRY |
| In 2006, oil painting hit an unprecedented auction market. It is know that in the 2006 autumn auction, First, the Beijing Hanhai auctioned the Xu BeihongĄ¯s "Yugong Moving the Mountain" painting as 33 million yuan at June 25, thus set the highest auction record in domestic oil painting auction and the highest auction record of Xu BeihongĄ¯s painting; November 21, in Beijjing Baoli 2006 autumn auction, the highest bid of Chinese contemporary oil paintings in China was broken again |
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| STATUS OF FOREIGN INVESTMENT |
| On December 5th, 2006, Chinese first multi-platform streamlined auto auction project set up by Liaoning Cheyi Auction Co., Ltd. in cooperation with America Yous completed its first-period project in Shenyang and was in trial for the first time. |
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| COMMITMENTS TO THE WTO AND INTERNATIONAL PRACTICES |
| Auction houses are a special kind of enterprises under unified administration of the State Economic and Trade Commission, The sector has not been opened to foreign capital yet. Foreign business people can set up representative offices, but not enterprises in China. |
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| DEVELOPMENT OF GLOBAL INDUSTRIES |
| Currently, there are totally about 11000 various auction companies in America, involving subjects from livestock, tobacco, antique, artwork, futures contract, bond, car, lumber, house property, device, electrical apparatus to space equipment and other aspects. |
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