WORLD TRADE
ORGANIZATIONS/DCS/W/MAC
24 January 2003
(03-0477)
Trade in Services Original:  English
MACAO, CHINA
Draft consolidated Schedule of Specific Commitments1
Attached is a draft consolidated version of the Schedule of Specific Commitments of Macao,
China in word format.  This document  does not substitute for the legally binding commitments
undertaken by Macao, China in its Schedule of Specific Commitments (GATS/SC/50;
GATS/SC/50/Suppl.1)
The draft consolidated version of the Schedule wa s prepared by the Secretariat, at the request
of Members, to facilitate the process of negotiations, including the presentation of initial offers.
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1 This document has been prepared, in English only, under the Secretariat's own responsibility and without
prejudice to the positions of Members and to their rights and obligations under the WTO.S/DCS/W/MAC
Page 2MACAO, CHINA – SCHEDULE OF  SPECIFIC COMMITMENTS
Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
1. BUSINESS SERVICES
E. Rental/Leasing Services
without Operators
(c) Related to other transport
equipment (CPC 83101 +
83102 + 83105)1) Unbound
2) None
3) None4) Unbound1) Unbound
2) Unbound
3) None4) Unbound
7. FINANCIAL SERVICES
A. All Insurance and
Insurance-related Services
(a) Life, accident and health
insurance services;  and
(b) Non-life insurance services.1) Unbound
2) None other than compulsory insurances, like
third party liability in respect of vehicles and
publicity and propaganda materials,employer's liability in respect of employees,professional liability of travel agents, etc.,must be purchased from insurers authorised tooperate in Macau.1) None
2) None
3) None other than under the Macau Insurance
Companies Ordinance only a corporate entityis permitted to conduct insurance business inMacau, after obtaining the necessary licence.Commercial presence may be in the form of alocally incorporated subsidiary, branch or
representative office.  However, a
representative office is not permitted to carryon insurance business.3) None other than the general-manager of the
branch of an insurer incorporated overseas mustbe resident in Macau.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.4) NoneS/DCS/W/MAC
Page 3Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(c) Reinsurance and
retrocession.1) None
2) None3) None other than under the Macau Insurance
Companies Ordinance only a corporate entityis permitted to conduct reinsurance business inMacau.
Commercial presence of reinsurers may be in
the form of a locally incorporated subsidiary,branch or representative office. However, arepresentative office is not permitted to retainany portion of reinsurance premiums.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.1) None
2) None3) None other than the general-manager of the
authorised reinsurer has to be resident inMacau.
4) None
(d) Services auxiliary to
insurance (includingbroking and agencyservices).1) None, other than insurance intermediaries
(brokers, agents and salesmen) need to obtainlicence prior to commencement of business.
2) None
3) None other than only a company can be
permitted to act as a broker or a corporateagent.1) None other than individuals (agents and
salesmen) must be residents in Macau.
2) None
3) None other than the general-manager or
representative of an overseas broker firm or ofthe corporate agent must be resident in Macau.
4) None in relation to consultancy services, loss 
adjusters and other services which do not 
involve the selling of insurance or carrying on of insurance intermediary business.  Unbound for other services in this subsector.4) None
B. Banking and Other
Financial Services
(excluding insurance)
(a) Acceptance of deposits and
other repayable funds fromthe public.1) Unbound
2) None1) None
2) NoneS/DCS/W/MAC
Page 4Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
3) None other than that commercial presence
must take the form of branch or subsidiary,duly authorised to carry on the activities of abanking institution.
Under the present Financial System Act of
Macau, banks incorporated overseas may
apply for a license to operate a full-licence oroffshore licence branch or subsidiary.3) None other than:  a) a bank incorporated 
overseas authorised under the Financial System Act to open a branch must appoint a chief executive officer and at least one alternate CEO, each of whom must be resident in Macau;b) a subsidiary of a bank incorporated overseas 
authorised under the Financial System Act must
have at least 3 directors, two of whom must be residents in Macau.
The present main authorization criterion is:
- Adequacy of the objectives of the applicant
with the economic and financial policiespursued by the local government.
A full-licence branch or subsidiary may apply
for authorization to open sub-branches orbranches and to install ATMs.
Other than branch or subsidiary, a bankincorporated overseas may apply for aauthorization to open a representative office.
Such office is prohibited from taking deposits
or from undertaking any kind of bankingbusiness.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.4) NoneS/DCS/W/MAC
Page 5Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(b) Lending of all types,
including inter alia,consumer credit, mortgagecredit, factoring andfinancing of commercialtransaction.1) Unbound
2) None3) None other than that commercial presence
must take the form of an authorised creditinstitution.1) None
2) None3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseasauthorised under the Financial System Act musthave at least 3 directors, two of whom must beresidents in Macau.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.4) NoneS/DCS/W/MAC
Page 6Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(c) Financial leasing. 1) Unbound
2) None3) None other than that commercial presence
must take the form of an authorised creditinstitution, or a locally incorporated financialleasing company.1) None
2) None3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseasor a financial leasing company authorised underFinancial System Act must have at least 3directors, two of whom must be residents inMacau..
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.4) None
(d) All payment and money
transmission services.1) Unbound
2) None
3) None other than that commercial presence
must take the form of:  a) an authorised branchof a bank incorporated overseas or locallyincorporated bank;  b) an authorised locally
incorporated cash remittance company.1) None
2) None
3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseasauthorised under the FSA must have at least 3directors, two of whom must be residents inMacau;  c) a locally incorporated cashremittance company authorised under the FSA
must have one general-manager resident in
Macau.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.4) NoneS/DCS/W/MAC
Page 7Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(e) Guarantees and
commitments.1) None
2) None3) None other than that commercial presence
must take the form of a branch or subsidiary,duly authorised to carry on the activities of acredit institution.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.1) None
2) None3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseasauthorised under the FSA must have at least 3directors, two of whom must be residents inMacau;
4) None
(f) Trading for own account or 
for account of customers, whether on an exchange, in an over-the-counter market
or otherwise, the following;
- Money market instruments
(cheques, bills, certificatesof deposits, etc.).(CPC 81339**)
- Foreign exchange.
(CPC 81333)
- Derivative products,
- including but not
- limited to, futures and
- options.
- (CPC (81339**)
- Exchange rate and interest
- rate instruments, including
- products such as swaps,
- forward rate
- agreements, etc.
- (CPC 81339**)1) Unbound
2) None3) None other than that commercial presence
must take the form of a branch or subsidiary,
duly authorised to carry on the activities of a
credit institution.1) None
2) None3) None other than:  (a) a bank incorporated
overseas authorised under the Financial System
Act to open a branch must appoint a chief
executive officer and at least one alternateCEO, each of whom must be resident in Macau;(b) a subsidiary of a bank incorporated overseasauthorised under the FSA must have at least 3directors, two of whom must be residents in
Macau;S/DCS/W/MAC
Page 8Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
- Transferable securities.
(CPC 81321**)
- Other negotiable
instruments and financialassets, including bullion.(CPC 81339**)4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.4) None
(g) Participation in issues of all
kinds of securities,including under-writing andplacement as agent(whether of service relatedto such issues publicly or
privately) and provision of
services related to suchissues.1) None
2) None3) None other than that commercial presence
must take the form of a branch or subsidiary,duly authorised to carry on the activities of acredit institution.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.1) None
2) None3) None other than:  (a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
(b) a subsidiary of a bank incorporated overseasauthorised under the FSA must have at least 3directors, two of whom must be residents inMacau;
4) None
(h) Money broking. 1) None
2) None
3) None other than that commercial presence
must take the form of a branch or subsidiary,duly authorised to carry on the activities of acredit institution.1) None
2) None
3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternateCEO, each of whom must be resident in Macau;b) a subsidiary of a bank incorporated overseas
authorised under the FSA must have at least 3
directors, two of whom must be residents inMacau;
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff who
are not available in the local labour market.4) NoneS/DCS/W/MAC
Page 9Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
(i) Asset management, such as
cash or portfoliomanagement, all forms ofcollective investmentmanagement, pension fundmanagement, custodial,
depository and trust
services.1) Unbound
2) None3) None other than that commercial presence
must take the form of a branch or subsidiary,duly authorised to carry out the activities of acredit institution.
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.1) None
2) None3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternate
CEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseasauthorised under the FSA must have at least 3directors, two of whom must be residents inMacau;
4) None
(j) Settlement and clearing
services for financial assets,
including securities,
derivatives products, andother negotiableinstruments.1) Unbound
2) None
3) None other than that commercial presence
must take the form of a branch or subsidiary,duly authorised to carry out the activities of acredit institution.1) None
2) None
3) None other than:  a) a bank incorporated
overseas authorised under the Financial SystemAct to open a branch must appoint a chiefexecutive officer and at least one alternateCEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseas
authorised under the FSA must have at least 3directors, two of whom must be residents inMacau;S/DCS/W/MAC
Page 10Modes of supply: (1) Cross-border supply (2) Consumption abroad (3) Commercial presence (4) Presence of natural persons
Sector or Sub-sector Limitations on Market Access Limitat ions on  National Treatment Additional Commitments
4) Unbound except for transfer of CEO, alternate
CEO, directors, specialists and other staff whoare not available in the local labour market.4) None
(k) Advisory and other
auxiliary financial serviceson all the activities listed in5(a) subparagraphs (v) to
(xv), of the Annex on
Financial Services,including credit referenceand analysis, investmentand portfolio research andadvice, advice on
acquisitions and on
corporate restructuring andstrategy.1) None
2) None3) None4) None1) None
2) None3) None4) None
(l) Provision and transfer of
financial information, and
financial data processing
and related software byproviders of other financialservices.1) None
2) None
3) None
4) None1) None
2) None
3) None
4) None
9. TOURISM AND TRAVEL
RELATED SERVICS
A. Hotels and Restaurants
(excluding catering)(CPC 641-643, ex. 64230)1) Unbound
2) None3) None
4) Unbound1) Unbound
2) Unbound3) None
4) Unbound
B. Travel Agencies and Tour
Operator Services
(CPC 7471)1) Unbound
2) None3) Branches and subsidiaries are not allowed4) Unbound1) Unbound
2) Unbound3) None
4) Unbound
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