WORLD TRADE
ORGANIZATIONS/DCS/W/MAC/Rev.1
11 April 2003
(03-1996)
Trade in Services Original:  English
MACAO, CHINA
Draft consolidated Schedule of Specific Commitments1
Revision
Attached is a revised version of the draft consolidated Schedule of Specific Commitments of
Macao, China in word format (S/DCS/W/MAC).  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 revised draft consolidated version of the Schedule was prepared by the Secretariat, at the
request of Members, to facilitate the process of negotiations, including the presentation of initial
offers.
The revised document contains corrections to the entry relating to
• 7. FINANCIAL SERVICES; B. Banking and Other Financial Services (excluding Insurance).
Under sub-item (f), the draft consolidated schedule contained erroneous references to CPC codes.
These references have been deleted from the revised version.
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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/Rev.1
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/Rev.1
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) NoneS/DCS/W/MAC/Rev.1
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
B. Banking and Other
Financial Services
(excluding insurance)
(a) Acceptance of deposits and
other repayable funds fromthe public.1) Unbound
2) None1) None
2) None
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 financialpolicies pursued by the local government.A full-licence branch or subsidiary mayapply for authorization to open sub-
branches or branches and to install ATMs.
 Other than branch or subsidiary, a bank
incorporated overseas may apply for aauthorization to open a representativeoffice.  Such office is prohibited fromtaking deposits or from undertaking any
kind of banking business.
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/Rev.1
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.
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 Financial System Act musthave at least 3 directors, two of whom must beresidents in Macau.
4) None
(c) Financial leasing. 1) Unbound
2) None3) None other than that commercial presence
must take the form of an authorised credit
institution, or a locally incorporated financial
leasing company.
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 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 overseasor a financial leasing company authorised under
Financial System Act must have at least 3
directors, two of whom must be residents inMacau.
4) NoneS/DCS/W/MAC/Rev.1
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
(d) All payment and money
transmission services.1) Unbound
2) None3) 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.
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;  c) a locally incorporated cashremittance company authorised under the FSA
must have one general-manager resident in
Macau.
4) None
(e) Guarantees and
commitments.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.
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) 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;
4) NoneS/DCS/W/MAC/Rev.1
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
(f) Trading for own account or 
for account of customers, whether on an exchange, in an over-the-counter marketor otherwise, the following:
- Money market instruments
(cheques, bills, certificates
of deposits, etc.).
- Foreign exchange.- Derivative products,
including but not limited to,
futures and options.
- Exchange rate and interest
rate instruments, includingproducts such as swaps,forward rate agreements,
etc.
- Transferable securities.- Other negotiable
instruments and financial
assets, including bullion.1) Unbound
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.
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) 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) NoneS/DCS/W/MAC/Rev.1
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
(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) 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.
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 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 3
directors, two of whom must be residents in
Macau;
4) NoneS/DCS/W/MAC/Rev.1
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 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
(j) Settlement and clearing
services for financial assets,including securities,derivatives products, and
other negotiable
instruments.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 a
credit 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 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 3
directors, two of whom must be residents in
Macau;
4) NoneS/DCS/W/MAC/Rev.1
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
(k) Advisory and other
auxiliary financial serviceson all the activities listed in5(a) subparagraphs (v) to(xv), of the Annex onFinancial Services,
including credit reference
and analysis, investmentand portfolio research andadvice, advice onacquisitions and oncorporate restructuring and
strategy.1) None
2) None3) None4) None1) None
2) None3) None4) None
(l) Provision and transfer of
financial information, andfinancial data processingand related software by
providers of other financial
services.1) None
2) None3) None4) None1) None
2) None3) None4) None
9. TOURISM AND TRAVEL
RELATED SERVICS
A. Hotels and Restaurants
(excluding catering)(CPC 641-643, ex. 64230)1) Unbound
2) None3) None4) Unbound1) Unbound
2) Unbound3) None4) Unbound
B. Travel Agencies and Tour
Operator Services
(CPC 7471)1) Unbound
2) None3) Branches and subsidiaries are not allowed4) Unbound1) Unbound
2) Unbound3) None4) Unbound
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