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| Version 0 | Version 1 |
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| WTO: China discriminates against foreign card companies | |
| (40 minutes later) | |
| The World Trade Organisation has ruled that China discriminates against foreign credit-card and debit-card providers. | The World Trade Organisation has ruled that China discriminates against foreign credit-card and debit-card providers. |
| A panel of the trade body said China maintains a monopoly on yuan-denominated payment cards which breaks WTO rules. | A panel of the trade body said China maintains a monopoly on yuan-denominated payment cards which breaks WTO rules. |
| Only one company, China UnionPay, is allowed to process domestic currency transactions. | Only one company, China UnionPay, is allowed to process domestic currency transactions. |
| This limits foreign providers such as Visa and Mastercard. | This limits foreign providers such as Visa and Mastercard. |
| There is a 60-day period in which either side can appeal against the ruling. | There is a 60-day period in which either side can appeal against the ruling. |
| Greater participation | |
| The Obama administration first lodged the complaint in 2010. | |
| US companies have been trying to get greater access to the massive China market. | |
| Currently, they can only issue cards in partnership with Chinese banks and China UnionPay. | |
| Visa said in a statement that the company is "hopeful that this ruling will pave the way for international payment companies to participate in the domestic payments marketplace in China". | |
| Political battle | |
| The decision by the WTO is being hailed as a "win" by the US government. The trade gap with China has become a campaign issue in the upcoming elections. | |
| "Today's win highlights that tackling unfair Chinese trade practices has been a priority of this president," said Jay Carney, White House press secretary. | |
| Tim Reif from the US Trade Representative's office said the ruling would support about 6,000 jobs if it goes through. | |
| However, the WTO did not agree with all the claims raised by the United States. | |
| The panel ruled that China UnionPay had a monopoly on yuan payment cards issued and used in China, but stopped short of saying it was an "across-the-board monopoly supplier" for all transactions made in local currency. | |
| Mr Reif, however, said China would still have to fix the discrimination in the system. |