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 DEVELOPMENT OF CHINA'S INDUSTRY |
| Since China's market economy starts relatively late, its financial system and environment still have a large space of improvement. China¡¯s credit guarantee industry emerges to meet the enormous demand for credit guarantee under asymmetry of information, interests, credit, rights and obligations and disrupted market exchange, driven by governmental and market demand. |
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| STATUS OF FOREIGN INVESTMENT |
| According to the statistics of MOFCOM, 22 foreign investment projects in Financial Guaranty industry (Financial Guaranty Industy (Code J719) hereinafter is in accordance with the National Economic Industrial Classification (GB/T4754-2202£©.) were newly set up in 2007, 22 more than that of the same period in the last year, and the amount of the actual utilized foreign capital reached USD 66050,000, down by 21.55£¥ year-on-year. |
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| COMMITMENTS TO THE WTO AND INTERNATIONAL PRACTICES |
| Credit guarantee companies are listed as non-banking financial sector. |
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| DEVELOPMENT OF GLOBAL INDUSTRIES |
| With a hundred years¡¯ development, policy guaranty systems are established in 100 countries across the world, servicing as an important governmental tool to make up market disfigurement, adjust resource distribution, safeguard social justice, and promote economic development and foreign trade. Meanwhile, commercial guaranty agency finds its own areas for further development in the market, showing vigorous development. |
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