RESTRICTEDWORLD TRADE
ORGANIZATIONTN/S/O/MAC
26 May 2003
(03-2828)
Council for Trade in Services
Special SessionOriginal:  English
COMMUNICATION FROM MACAO, CHINA
Initial Offer
The following initial offer has been received from the delegation of Macao, China on
13 May 2003 with the request that it be circulated to the Members of the Council for Trade in
Services.
_______________
In pursuance with paragraph 15 of the Doha Ministerial Declaration, Macao, China is
enclosing herewith the Draft Schedule of Specific Commitments of Macao, China to the World TradeOrganization.  Taking full account of paragraphs 45, 47 and 50 of the Doha Ministerial Declaration,
the Initial Offers as contained in the aforesaid Draft Schedule of Specific Commitments would not
prejudice, in anyway, Macao, China's position on scheduling its final offers, which would reflect the
overall balance of the Doha Development Agenda in  the course of the GATS negotiations.  Thereby,
Macao, China reserves the right to withdraw, modify , or reduce this offer, in whole or in part,
including necessary amendments to the offer regarding horizontal measures, at any time prior to the
conclusion of the negotiations.  Also Macao, China further reserves the right to introduce technicalchanges to this offer and to correct any errors, omissions, or inaccuracies therein.TN/S/O/MAC
Page 3MACAO, 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 Limitation on national treatment Additional commitments
I. HORIZONTAL COMMITMENTS
ALL SECTORS INCLUDED IN
THIS SCHEDULE EXCEPT
THOSE AS INDICATED
OTHERWISE1) Unbound
2) Unbound
3) Unbound
4) Unbound except for measures
concerning th e entry and
temporary stay of naturalpersons in the following
categories of personnel:1) Unbound
2) Unbound
3) The companies that do not have
statutory headquarters and theirmain administration is not in theMacao SAR must appoint arepresentative who resides in the
Macao SAR, and a llocate capital to
their activities in the Macao SAR .
4) UnboundTN/S/O/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 Limitation on national treatment Additional commitments
ALL SECTORS INCLUDED IN
THIS SCHEDULE EXCEPTTHOSE AS INDICATEDOTHERWISE (Cont.)(a) Intra-corporate Transferees
for a period of initial stay of up tothree years: executives and seniormanagers, as defined below, who areemployees of juri dical persons that
provide services within the Macao
Special Administrative Region(Macao SAR) through a branch,subsidiary, firm or joint ventureestablished in the Macao SAR:
(i) Executives: persons within the
juridical person who primarilydirect the management of thejuridical person.
(ii) Senior Managers: persons
within a juridi cal person who
primarily direct the juridicalperson, supervis e and control
the work of other supervisory,professional or managerialemployees, have the authority
to hire and fire or recommend
hiring, firing, or otherpersonnel actions  (such  aspromotions or leaveauthorizations), and exercise
discretionary authority over
day-to-day operations. Theterm“Senior Managers”doesnot include first-linemanagement staff, nor does itinclude employees who
primarily perform tasks
necessary for the provision ofthe service.TN/S/O/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 Limitation on national treatment Additional commitments
ALL SECTORS INCLUDED IN
THIS SCHEDULE EXCEPTTHOSE AS INDICATEDOTHERWISE (Cont.)(b) Personnel Directly Engaged
in Establishment: a person who hasbeen employed in the immediatelypreceding year by a foreign juridical
person, receiving re muneration from
that source, and who occupies a
managerial or executive position with
that juridical pers on, and is entering
the Macao SAR for the purpose ofestablishing a branch, subsidiary oraffiliate. The temporary stay of such
personnel shall be limited to one
year.
II. SPECIFIC COMMITMENTS
1. BUSINESS SERVICES
A. Professional Services
b. Accounting, auditing and
bookkeeping Services (CPC 862)
- Accounting and auditing services
(CPC 8621)1) Unbound
2) Unbound
3) None other than the following:
(a) Commercial presence must
take the form of
partnership;
(b) 50% of the employees have
to be Macao residents.
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) Unbound
3) None other than at least one of the
partners has to be Macaopermanent resident who has
obtained the licence.
4) UnboundTN/S/O/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 Limitation on national treatment Additional commitments
- Book-keeping services, except tax
returns (CPC 8622)1) Unbound
2) Unbound
3) None other than the following:
(a) Commercial presence must
take the form ofpartnership;
(b) 50% of the employees have
to be Macao residents.
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) Unbound
3) None other than at least one of the
partners has to be Macaopermanent resident who hasobtained the licence.
4) Unbound
d. Architectural services (CPC 8671) 1)  Unbound
2) Unbound
3) None other than architectural
registration and licensingrequirements set out in urbanconstruction regulationsmustbe fulfilled.
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) Unbound
3) None
4) Unbound
e. Engineering services (only those
professions related toconstruction) (CPC 8672)
f. Integrated engi neering services
(only those professions related toconstruction) (CPC 8673)1) Unbound
2) Unbound
3) None other th an engineering
registration and licensing
requirements set out in urbanconstruction regulations mustbe fulfilled.
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) Unbound
3) None
4) UnboundTN/S/O/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 Limitation on national treatment Additional commitments
B.  Computer and Related Services
(excluding Internet Protocol
phone)
a. Consultancy services related to
the installation of computer
hardware (CPC 841)
b. Software implementation services
(CPC 842)
c. Data processing services
(CPC 843)
d. Data base services (CPC 844)
e. Maintenance and repair services
of office machinery andequipment including computers(CPC 845)Other computer services
(CPC 849)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None
4) Unbound
D.  Real estate services
a. Involving own or leased property
(CPC 821)
b. On a fee or contract basis
(CPC 822)1) None
2) None
3) None
4) Unbound1) None
2) None
3) None other than  the residency
requirement of an appointed
representative in  the Macao SAR.
4) Unbound
E. Rental/Leasing Services without
Operators
c. Relating to other transport
equipment(CPC 83101+83102+83105)
d. Relating to other machinery and
equipment (CPC 83106-83109)
e. Other (CPC 832)1) Unbound
 None
2) None
3) None
4) Unbound1) Unbound  None
2) Unbound  None
3) None
4) UnboundTN/S/O/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 Limitation on national treatment Additional commitments
F. Other Business Services
c.  Management consulting services
(CPC 865)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None
4) Unbound
e. Technical testing and analysis
services (CPC 8676)
f. Services incident al to agriculture,
hunting and forestry(CPC 881)
g. Services incidental to fishing
(CPC 882)
h. Services incidental to mining
(CPC 883+5115)
j. Services incidental to energy
distribution as stated in
Attachment to Energy Services
k. Placement and supply services of
personnel (CPC 872)
m. Related scientific and technical
consulting services (CPC 8675)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None
4) Unbound
n. Maintenance and repair of
equipment (not includingmaritime vessels, aircraft or othertransport equipment)(CPC 633+8861-8866)1) None
2) None
3) None
4) Unbound1) None
2) None
3) None
4) Unbound
o. Building – cleaning services
(CPC 874)1) Unbound*
2) None
3) None
4) Unbound1) Unbound*
2) None
3) None
4) Unbound
                                                     
* Unbound due to lack of technical feasibility.TN/S/O/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 Limitation on national treatment Additional commitments
p. Photographic services (CPC 875)
q. Packaging services (CPC 876)1) None
2) None
3) None
4) Unbound1) None
2) None
3) None
4) Unbound
r. Printing, Publishing (CPC 88442) 1)  None
2) None
3) None
4) Unbound1) None
2) None
3) None other than:
(a) To establish a company in the
form of sole proprietorship,whose proprietor must be aMacao resident.
(b) To publish periodicals,
newspapers and magazines,
the publishers must be Macaoresidents.
4) Unbound
s. Convention services
(CPC 87909*) Note1) Unbound*
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) Unbound*
2) None
3) None
4) Unbound
t. Others
- Telephone answering services
(CPC 87903)
- Duplicating services(CPC 87904)1) None
2) None
3) None
4) Unbound1) None
2) None
3) None
4) Unbound
- Translation a nd interpretation
services (CPC 87905)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None other than residence
requirement.
4) Unbound
                                                     
Note The (*) in CPC thereinafter indicates that the service specified is a component of a more aggregated CPC item specified elsewhe re in W/120 classification list.
* Unbound due to lack of technical feasibility.TN/S/O/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 Limitation on national treatment Additional commitments
2. COMMUNICATION SERVICES
C. Telecommunication services
I. Local services & International
servicesMacao, China undertakes the
obligations contained in the Reference
Paper in Annex I attached hereto.
o. Others
- Mobile radio telephone services (CPC 75213)- Radio paging services
(CPC 75291)1) Unbound
2) None
3) None, subject to economic needs
test.
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) None
3) None
4) Unbound
II. Value-added services
f. Facsimile services (CPC 75213)
h. Electronic mail (CPC 7523**)
i. Voice mail (CPC 7523**)j. On-line information and data
base retrieval (CPC 7523**)
l. Enhanced/value-added facsimile
services, incl. store and forward,
store and retrieve (CPC 7523**)
m. Code and protocol conversion
(n.a.)1) None except services must be
provided through a licensed
infrastructure operator.
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None
4) UnboundMacao, China undertakes the
obligations contained in the ReferencePaper in Annex I attached hereto.TN/S/O/MAC
Page 11Modes 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 Limitation on national treatment Additional commitments
k. Electronic data interchange (EDI)
(CPC 7523**)1) Unbound
2) None
3) Unbound
4) Unbound except as indicated in
the horizontal section.1) Unbound
2) None
3) Unbound
4) Unbound
3. CONSTRUCTION AND
RELATED ENGINEERING
SERVICES
A. General construction work for
buildings (CPC 512)
B. General construction work for
civil engineering (CPC 513)
C. Installation and assembly work
(CPC 514+516)
D. Building completion and finishing
work (CPC 517)
E. Other (CPC 511+515+518)1) Unbound*
2) None
3) None other than authorization
requirement set out in urban
construction regulations.
4) Unbound1) Unbound*
2) None
3) None
4) Unbound
5. EDUCATION SERVICES
D. Adult education (CPC 924)
E. Other education services
(CPC 929)1) Unbound except distance
learning
2) None
3) None other than the staff to be
Macao resident.
4) Unbound except as indicated in
the horizontal section.1) Unbound except distance learning
2) None
3) None other than the staff to be
Macao resident.
4) Unbound
                                                     
* Unbound due to lack of technical feasibilityTN/S/O/MAC
Page 12Modes 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 Limitation on national treatment Additional commitments
7. FINANCIAL SERVICES
A.  All insurance and insurance-related
services (CPC 812**)
a.  Life, accident and health insurance
services; and  (CPC 8121)
b. Non-life insurance services
(CPC 8129)Sectoral commitments in mode (4) of
the financial services (includinginsurance and banking): Unboundexcept as indicated in the horizontalsection and measures for transfer ofCEO, alternate CEO, directors,
financial specialists and other staff
who are not available in the locallabour market.
1) Unbound
2) None other than compulsory
insurance, like third party liabilityin respect of vehicles, publicityand propaganda materials,pleasurecraft , employers’
liability in respect of employees,
professional liability of travel
agents, must be purchased frominsurers authorised to operate inMacau
 the Macao SAR .1) None
2) None
3) None other than under the Macau
Macao  Insurance Companies
Ordinance only a corporate entity
is permitted to conduct insurance
business in Macau , after obtaining
the necessary licence.3) None other than the general- manager
representative  of the branch of an
insurer incorporated overseas must be
resident in Macau  the Macao SAR .
Commercial presence may be in
the form of a locally incorporated
subsidiary, branch or
representative office. However, arepresentative office is notpermitted to carry on insurancebusiness.TN/S/O/MAC
Page 13Modes 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 Limitation on national treatment Additional commitments
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.4) None
c.  Reinsurance and retrocession
(CPC 81299*)1) None
2) None
3) None other than under the Macau
Macao  Insurance Companies
Ordinance only a corporate entity
is permitted to conductreinsurance business in Macau
 the
Macao SAR .
Commercial presence of reinsurers
may be in the form of a locallyincorporated subsidiary, branch or
representative office. However, a
representative office is notpermitted to retain any portion ofreinsurance premiums.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector .1) None
2) None
3) None other than the general -manager
representative  of the authorised
reinsurer has to be resident in Macau
the Macao SAR .
4) NoneTN/S/O/MAC
Page 14Modes 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 Limitation on national treatment Additional commitments
d. Services auxiliary to insurance
(including broking and agencyservices) (CPC 8140)1) None, other than insurance
intermediaries (brokers, agents,salesmen) need to obtain licenceprior to commencement ofbusiness.
2) None
3) None other than only a company
can be permitted to act as a broker
or a corporate agent.
4) None in relation to consultancy
services, loss adjusters and otherservices which do not involve theselling of insurance or carrying onof insurance intermediarybusiness. Unbound for other
services in this subsector.1) None other than individuals (agents
and salesmen) must be residents inMacau
 the Macao SAR .
2) None
3) None other than the general-manager
or representative of an overseasbroker firm or of the corporate agentmust be resident in  Macau
 the Macao
SAR .
4) None
B. Banking and other financial services
(excl. insurance)
a. Acceptance of deposits and other
repayable funds from the public
(CPC 81115-81119)1) Unbound
2) None
3) None other than that commercial
presence must take the form ofbranch or subsidiary, dulyauthorised to carry on theactivities of a banking institution.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executiveofficer and at least one alternate
CEO, each of whom must be
resident in Macau
 the Macao
SAR ;TN/S/O/MAC
Page 15Modes 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 Limitation on national treatment Additional commitments
Under the present Financial
System Act of Macau, banks
incorporated overseas may apply
for a licence to operate a full-
licence or offshore licence branch
or subsidiary.
The present main authorization
criterion is:
-Adequacy of the objectives of
the applicant with the economic
and financial policies pursued
by the local government . (b) A subsidiary of a bank
incorporated overseas authorized
under the Financial System Act
must have at least 3 directors,two of whom must be residentsin Macau
 the Macao SAR .
A full-licence branch or subsidiary
may apply for authorization to
open sub-branch or branches and
to install ATMs.
Other than branch or subsidiary, a
bank incorporated overseas mayapply for authorization to open arepresentative office. Such officeis prohibited from taking depositsor from undertaking any kind of
banking business.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.4) NoneTN/S/O/MAC
Page 16Modes 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 Limitation on national treatment Additional commitments
b. Lending of all types, including, inter
alia, consumer credit, mortgagecredit, factoring and financing ofcommercial transaction  (CPC 8113)1) Unbound
2) None
3) None other than that commercial
presence must take the form of anauthorized credit institution.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(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 beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas authorized
under the Financial System Act
must have at least 3 directors,two of whom must be residentsin Macau
 the Macao SAR .
4) NoneTN/S/O/MAC
Page 17Modes 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 Limitation on national treatment Additional commitments
c.  Financial Leasing  (CPC 8112) 1) Unbound
2) None
3) None other than that commercial
presence must take the form of anauthorised credit institution, or alocally incorporated financial
leasing company.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executive
officer and at least one alternateCEO, each of whom must beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas or afinancial leasing companyauthorized
 under the Financial
System Act  must have at least 3
directors, two of whom must be
residents in Macau  the Macao
SAR .
4) NoneTN/S/O/MAC
Page 18Modes 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 Limitation on national treatment Additional commitments
d. All payment and money transmission
services  (CPC 81339**)1) Unbound
2) None
3) None other than that commercial
presence must take the form of:
(a) An authorized branch of a
bank incorporated overseas
or locally incorporated bank;
(b) An authorised locally
incorporated cash remittancecompany.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executive
officer and at least one alternateCEO, each of whom must beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom mustbe residents in Macau
 the
Macao SAR ;
(c) A locally incorporated cash
remittance company authorized
under the FSA  must have one
general-manager resident inMacau
 the Macao SAR .
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.4) NoneTN/S/O/MAC
Page 19Modes 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 Limitation on national treatment Additional commitments
e. Guarantees and commitments
(CPC 81199**)1) None
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry on the
activities of a credit institution.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executive
officer and at least one alternateCEO, each of whom must beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom mustbe residents in Macau
 the
Macao SAR .
4) NoneTN/S/O/MAC
Page 20Modes 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 Limitation on national treatment Additional commitments
f. Trading for own account or for
account of customers, whether on anexchange, in an over-the-countermarket or otherwise, the following:
(CPC 81339**+81333+81321*)
- Money market instruments
(cheques, bills, certificates ofdeposits, etc.)- Foreign exchange- Derivative products, including,
but not limited to, futures and
options- Exchange rate and interest rateinstruments, including products suchas swaps, forward rate agreements,etc.
- Transferable securities
- Other negotiable instrumentsand financial assets, includingbullion1) Unbound
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry on the
activities of a credit institution or
financial intermediary .
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank or a financial
intermediary  incorporated
overseas authorized under the
Financial System Act  to open a
branch must appoint a chiefexecutive officer and at least onealternate CEO, each of whommust be resident in Macau
 the
Macao SAR ;
(b) A subsidiary of a bank or a
financial intermediary
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom must
be residents in Macau  the
Macao SAR .
4) NoneTN/S/O/MAC
Page 21Modes 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 Limitation on national treatment Additional commitments
g. Participation in issues of all kinds of
securities, including under-writingand placement as agent (whetherpublicly or privately) and provisionof services related to such issues
(CPC 8132)1) None
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry on the
activities of a credit institution or
a financial intermediary .
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank or a financial
intermediary  incorporated
overseas authorized under the
Financial System Act  to open a
branch must appoint a chiefexecutive officer and at least onealternate CEO, each of whommust be resident in Macau
 the
Macao SAR ;
(b) A subsidiary of a bank or
financial intermediary
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom must
be residents in Macau  the
Macao SAR .
4) NoneTN/S/O/MAC
Page 22Modes 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 Limitation on national treatment Additional commitments
h. Money broking  (CPC 81339**) 1) None
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry on the
activities of a credit institution.
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executive
officer and at least one alternateCEO, each of whom must beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom mustbe residents in Macau
 the
Macao SAR .
4) NoneTN/S/O/MAC
Page 23Modes 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 Limitation on national treatment Additional commitments
i. Asset management, such as cash or
portfolio management, all forms ofcollective investment management,pension fund management
*,
custodial, depository and trustservices. (CPC 81323*)1) Unbound
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry out the
activities of a  credit institution or
in form of an investment fund, a
depository or fund managementcompany incorporated in the
Macao SAR .1) None
2) None
3) None other than:
(a) A bank
 credit institution
incorporated overseas authorizedunder the Financial System Act
to open a branch must appoint achief executive officer and atleast one alternate CEO, each ofwhom must be resident inMacau
 the Macao SAR ;
(b) A subsidiary of a bank  credit
institution incorporated overseasauthorized under the FSA
 must
have at least 3 directors, two ofwhom must be residents inMacau
 the Macao SAR ;
(c) A fund management company
must appoint at least two
resident CEO .
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.4) None
                                                     
* Regarding Modes 1) to (4) of pension fund management, please refer to the conditions stated under Section A. sub-item (a) Life , accident and health insurance services.TN/S/O/MAC
Page 24Modes 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 Limitation on national treatment Additional commitments
j.  Settlement and clearing services for
financial assets, including securities,derivatives products, and othernegotiable instruments
(CPC 81339** or CPC 81319**)1) Unbound
2) None
3) None other than that commercial
presence must take the form of abranch or subsidiary, dulyauthorised to carry out the
activities of a credit institution or
a financial intermediary .
4) Unbound except for transfer of
CEO, directors, specialists and
other staff who are not available in
the local labour market  as stated
above in this sector.1) None
2) None
3) None other than:
(a) A bank incorporated overseas
authorized under the Financial
System Act  to open a branch
must appoint a chief executive
officer and at least one alternateCEO, each of whom must beresident in Macau
 the Macao
SAR ;
(b) A subsidiary of a bank
incorporated overseas authorized
under the FSA  must have at least
3 directors, two of whom mustbe residents in Macau
 the
Macao SAR .
4) None
l.k. Provision and transfer of financial
information, and financial data
processing and related software byproviders of other financial services
(CPC 8131)1) None
2) None
3) None
4) None1) None
2) None
3) None
4) None
k.l. Advisory and other auxiliary financial
services on all  the activities listed in
5(a) subpara graps (V) to  (XV), of the
Annex on Financial Services,  (a) to
(k) above  including credit reference
and analysis, investment andportfolio research and advice, advice
on acquisitions and on corporate
restructuring and strategy
(CPC 8131 or CPC 8133)1) None
2) None
3) None
4) None1) None
2) None
3) None
4) NoneTN/S/O/MAC
Page 25Modes 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 Limitation on national treatment Additional commitments
9. TOURISM AND TRAVEL
RELATED SERVICES
A. Hotels and Restaurants (excluding
catering)
(CPC 641- 643, excl. 64230)1) Unbound
2) None
3) None
4) Unbound1) Unbound
2) Unbound  None
3) None
4) Unbound
B. Travel Agencies and Tour Operator
Services (CPC 7471)1) Unbound
2) None
3) Branches and subsidiaries are not
allowed.  None other than that
the establishment must take the
form of a locally incorporated
registered company .
4) Unbound1) Unbound
2) Unbound  None
3) None other than the residency
requirement of an appointed
technical director in the Macao
SAR .
4) Unbound
10. RECREATIONAL, CULTURAL
AND SPORTING SERVICES
(other than audiovi sual services)
A. Entertainment services (including
theatre, live ba nds and circus
services) (CPC 9619)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section and that
the Circus and MagicPerformers, Arts Performersshall be granted a stay asstipulated in the terms of
contracts concerned, or an
initial stay of one year,whichever comes shorter.1) None
2) None
3) None
4) UnboundTN/S/O/MAC
Page 26Modes 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 Limitation on national treatment Additional commitments
B. News agency services (CPC 962) 1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None other than to establish a
company in the form of soleproprietorship, the proprietor mustbe a Macao resident.
4) Unbound
C. Libraries, archives, museums and
other cultural services (CPC 963)1) None
2) None
3) None
4) Unbound except as indicated in
the horizontal section.1) None
2) None
3) None
4) Unbound
D. Sporting and other recreational
services
Sporting services (CPC 9641) 1)  None
2) None
3) None
4) Unbound except as indicated in
the horizontal section and that
Jockeys, Vehicle Racing
Drivers, Boxers, and Kinds of
Ball Players shall be granted astay as stipulated in the terms ofcontracts concerned, or aninitial stay of one year,whichever comes shorter.1) None
2) None
3) None
4) UnboundTN/S/O/MAC
Page 27Modes 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 Limitation on national treatment Additional commitments
11. TRANSPORT SERVICES
H. Services auxiliary to all modes of
transport (excluding air transport)
b. Storage and warehouse services
(CPC 7421+7429)1) Unbound*
2) None
3) None
4) Unbound1) Unbound*
2) None
3) None
4) Unbound
c. Freight transport agency services
(CPC 748)
d. Other (CPC 749)1) Unbound
2) None
3) None
4) Unbound1) Unbound
2) None
3) None
4) Unbound
                                                     
* Unbound due to lack of technical feasibilityTN/S/O/MAC
Page 28
ANNEX I
Reference Paper on basic telecommunications services
I. SCOPE
The following are definitions and principles on the regulatory framework for basic
telecommunications services.
II. DEFINITIONS
Users mean service consumers and service suppliers.
Essential facilities mean facilities of a public telecommunications transport network or service that
(a) are exclusively or predominantly provided by a single or limited number of suppliers; and
(b) cannot feasibly be economically or technically substituted in order to provide a service.
A major supplier is a supplier which has the ability to materially affect the terms of participation (having
regard to price and supply) in the relevant market fo r basic telecommunications services as a result of:
(a) control over essential facilities; or(b) use of its position in the market.
1. Competitive safeguards
1.1 Prevention of anti-competitive  practices in telecommunications
Appropriate measures shall be maintained for the purpose of preventing suppliers who, alone or
together, are a major supplier from engaging in or continuing anti-competitive practices.
1.2 Safeguards
The anti-competitive practices referred to above shall include in particular:
(a) engaging in anti-competitive cross-subsidization;
(b) using information obtained from competitors with anti-competitive results; and(c) not making available to other services suppliers on a timely basis technical information
about essential facilities and commercially relevant information which are necessary for
them to provide services.
2. Interconnection
2.1 This section applies to linking with suppliers providing public telecommunications transport
networks or services in order to allow the users of  one supplier to communicate with users of another
supplier and to access services provided by another su pplier, where specific commitments are undertaken.TN/S/O/MAC
Page 29
2.2 Interconnection to be ensured
Interconnection with a major supplier will be ensured at any technically feasible point in the
network. Such interconnection is provided:
(a) under non-discriminatory terms, conditions (includi ng technical standards and
specifications) and rates and of a quality no less favourable than that provided for its own
like services or for like services of non-affili ated service suppliers or for its subsidiaries or
other affiliates;
(b) in a timely fashion, on terms, conditions (including technical standards and specifications)
and cost-oriented rates that are transparen t, reasonable, having regard to economic
feasibility, and sufficiently unbundled so that the supplier need not pay for network
components or facilities that it does not require for the service to be provided; and
(c) upon request, at points in addition to the network termination points offered to the
majority of users, subject to charges that reflect the cost of construction of necessary
additional facilities.
2.3 Public availability of the procedures for interconnection negotiations
The procedures applicable for interconnection to a major supplier will be made publicly available.
2.4 Transparency of int erconnection arrangements
It is ensured that a major supplier will make  publicly available eith er its interconnection
agreements or a referen ce interconnection offer.
2.5 Interconnection:  dispute settlement
A service supplier requesting interconnection with a major supplier will have recourse, either:(a) at any time; or(b) after a reasonable period of time which has been made publicly known
to an independent domestic body, which may be a regulator as referred to in paragraph 5 below, to
resolve disputes regarding appropriate terms, condit ions and rates for interconn ection within a reasonable
period of time, to the extent that these have not been established previously.
3. Universal service
Macao has the right to define the kind of universal  service obligation it wishes to maintain.  Such
obligations will not be regarded as anti-competitive per se , provided they are administered in a transparent,
non-discriminatory and co mpetitively neutral manner and are not more burdensome than necessary for the
kind of universal service defined by Macao, China.
4. Public availability of licensing criteria
Where a licence is required, the following will be made publicly available:
(a) all the licensing criteria and the period of  time normally required to reach a decision
concerning an application for a licence; and
(b) the terms and conditions of individual licences.The reasons for the denial of a licence will be made known to the applicant upon request.TN/S/O/MAC
Page 30
5. Independent regulators
The regulator is separate from, and not accountable to, any supplier of basic telecommunications
services.  The decisions of and the procedures used by regulators shall be impa rtial with respect to all
market participants.
6. Allocation and use of scarce resources
Any procedures for the allocati on and use of scarce resources, including frequencies, numbers
and rights of way, will be carried out in an object ive, timely, transparent and non-discriminatory manner.
The current state of allocated fre quency bands will be made publicly available, but deta iled identification
of frequencies allocated for specific government uses is not required.TN/S/O/MAC
Page 31
ATTACHMENT TO ENERGY SERVICES
Services incidental to electricity transmission and distribution include:
a. System control:  Th e control-area operato r functions that schedule generation and
transactions before the fact a nd that control some generation in real-time to maintain
generation/load balance;
b. Reactive supply and voltage control:  The injection or absorption of reactive power from
generators to maintain transmission-system voltages within required ranges;
c. Regulation:  The use of generation equipped with governors and automatic-generation
control to maintain minute-to-minute generati on/load balance within  the control area to
meet control-perf ormance standards;
d. Dynamic scheduling:  Real-time metering , telemetering, and computer software and
hardware to electronically transf er some or all of a generator’s output or a customer’s load
from one control area to another;
e. Network-stability services:  Maintenance and us e of special equipment, including testing,
(e.g., power-system stabilizers and dynamic- braking resistors) to maintain a secure
transmission system.
__________