ORGANIZACIÓN MUNDIAL  
DEL COMERCIO  S/DCS/W/MAC 
24 de enero de 2003 
 (03-0477) 
Comercio de Servicios Original:   inglés 
 
 
 
MACAO, CHINA 
 
Proyecto de Lista refundida de Compromisos Específicos1 
 
 
 El documento adjunto contiene un proyect o de la Lista refundida de Compromisos 
Específicos de Macao, China, en formato Word.  Este documento no sustituye los compromisos 
jurídicamente vinculantes contraídos por Macao, China en su Lista de Compromisos Específicos 
(GATS/SC/50; GATS/SC/50/Suppl.1).  
 El proyecto de Lista refundida fue preparado por la Secretaría, a petición de los Miembros, 
para facilitar el proceso de las negociaciones, incluida la presentación de ofertas iniciales. 
 
_______________ 
 
 
 
                                                           
1 Este documento se ha preparado, en inglés solament e, bajo la responsabilidad de la Secretaría y sin 
perjuicio de las posiciones de los Miembros ni de sus derechos y obligaciones en el marco de la OMC.  S/DCS/W/MAC 
Página 2 MACAO, 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 Limi tations on  National Treatm ent 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) None 4) Unbound 
 1) Unbound 
2) Unbound 
3) None 4) 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 to   operate in Macau. 1) None 
2) None  
 3) None other than un der the Macau Insurance  
 Companies Ordinance only a corporate entity   is permitted to conduct insurance business in  
 Macau, after obtaining the necessary licence. 
 Commercial presence may be  in the form of a  
 locally incorporated subsidiary, branch or  
 representative office.  However, a  
 representative office is not permitted to carry  
 on insurance business. 3) None other than the general-manager of the  
 branch of an insurer incorporated overseas must  be resident in Macau.  
 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who 
 are not available in the local labour market. 4) None 
  
   S/DCS/W/MAC
 Página 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 Limi tations on  National Treatm ent Additional Commitments 
(c) Reinsurance and  
 retrocession.  1) None 
2) None 3) None other than unde r the Macau Insurance  
 Companies Ordinance only a corporate entity  
 is permitted to conduct reinsurance business in  Macau. 
 Commercial presence of reinsurers may be in  
 the form of a locally incorporated subsidiary,   branch or representative office. However, a  
 representative office is not permitted to retain  
 any portion of reinsurance premiums. 4) Unbound except for tran sfer 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 the general-manager of the  
 authorised reinsurer has to be resident in  
 Macau.  
 
  
 
  
 
4) None   
 
(d) Services auxiliary to  
 insurance (including  
 broking and agency   services). 1) None, other than insurance intermediaries  
 (brokers, agents and salesmen) need to obtain  
 licence prior to commen cement of business. 
2) None 
3) None other than only a company can be  
 permitted to act as a broker or a corporate  
 agent. 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 of  
 the 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 from   the public. 1) Unbound 
2) None  1) None 
2) None   S/DCS/W/MAC 
Página 4 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 Limi tations on  National Treatm ent 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 a  
 banking institution. 
  Under the present Financial System Act of  
 Macau, banks incorporated overseas may  
 apply for a license to operate a full-licence or   offshore 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 ba nk 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 objec tives of the applicant  
 with the economic and financial policies   pursued by the local government. 
 A full-licence branch or subsidiary may apply  
 for authorization to open sub-branches or   branches and to install ATMs.   
  Other than branch or subsidiary, a bank  
 incorporated overseas may apply for a   authorization to open a representative office.   
 Such office is prohibited from taking deposits  
 or from undertaking any kind of banking  
 business.   
 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who 
 are not available in the local labour market. 
 4) None 
 
  
   S/DCS/W/MAC
 Página 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 Limi tations on  National Treatm ent Additional Commitments 
(b) Lending of all types,  
 including inter alia,   consumer credit, mortgage  
 credit, factoring and  
 financing of commercial   transaction. 
 1) Unbound 
2) None 3) None other than that commercial presence  
 must take the form of an authorised credit  
 institution.  
 
  
 
  
 1) None 
2) None 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.   
 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who  are not available in the local labour market. 4) None 
   S/DCS/W/MAC 
Página 6 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 Limi tations on  National Treatm ent Additional Commitments 
(c) Financial leasing. 
 1) Unbound 
2) None 3) None other than that commercial presence  
 must take the form of an authorised credit  
 institution, or a locally incorporated financial   leasing company. 
 
  
 
  
 
  1) None 
2) None 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  
 or a financial leasing company authorised under 
 Financial System Act must have at least 3  
 directors, two of whom must be residents in   Macau..  
  
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who 
 are 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 branch 
 of a bank incorporated overseas or locally   incorporated 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 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 FSA must have at least 3  
 directors, two of whom must be residents in  
 Macau;  c) a locally incorporated cash   remittance company auth orised under the FSA  
 must have one general-manager resident in  
 Macau.  
  
 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who 
 are not available in the local labour market.  4) None    S/DCS/W/MAC
 Página 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 Limi tations on  National Treatm ent Additional Commitments 
(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 a   credit institution. 
 
  
 
  
4) Unbound except for tran sfer 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 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 FSA must have at least 3  
 directors, two of whom must be residents in  
 Macau;  
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, certificates  
 of 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) 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 a  
 credit institution. 1) None 
2) None 
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 FSA must have at least 3   directors, two of whom must be residents in  
 Macau;   S/DCS/W/MAC 
Página 8 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 Limi tations on  National Treatm ent Additional Commitments 
- Transferable securities. 
 (CPC 81321**) - Other negotiable  
 instruments and financial  
 assets, including bullion.  (CPC 81339**) 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who  are not available in the local labour market. 
 4) None 
  
 
(g) Participation in issues of all   kinds of securities,   including under-writing and  
 placement as agent  
 (whether of service related   to such issues publicly or  
 privately) and provision of  
 services related to such   issues. 
 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 a   credit institution. 
 
  
 
 4) Unbound except for tran sfer 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 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 FSA must have at least 3  
 directors, two of whom must be residents in  
 Macau; 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 a  
 credit institution. 
  
 
  
 1) None 
2) None 
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 FSA must have at least 3  
 directors, two of whom must be residents in   Macau;  
 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who 
 are not available in the local labour market. 4) None    S/DCS/W/MAC
 Página 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 Limi tations on  National Treatm ent Additional Commitments 
(i) Asset management, such as  
 cash or portfolio   management, all forms of  
 collective investment  
 management, pension fund   management, custodial,  
 depository and trust  
 services.  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 a   credit institution. 
 
  
 
  
 
4) Unbound except for tran sfer 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 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 FSA must have at least 3  
 directors, two of whom must be residents in  
 Macau;  
 
4) None  
  
 
(j) Settlement and clearing   services for financial assets,  
 including securities,  
 derivatives products, and  
 other negotiable  
 instruments.  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 a  
 credit institution.  
 
  
 
 1) None 
2) None 
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 FSA must have at least 3   directors, two of whom must be residents in  
 Macau; 
  
  S/DCS/W/MAC 
Página 10 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 Limi tations on  National Treatm ent Additional Commitments 
 4) Unbound except for tran sfer of CEO, alternate  
 CEO, directors, specialists and other staff who  are not available in the local labour market. 4) None  
(k) Advisory and other  
 auxiliary financial services  
 on all the activities listed in   5(a) subparagraphs (v) to  
 (xv), of the Annex on  
 Financial Services,   including credit reference  
 and analysis, investment  
 and portfolio research and   advice, advice on  
 acquisitions and on  
 corporate restructuring and   strategy. 
 1) None 
2) None 
3) None 4) None 
 
 1) None 
2) None 
3) None 4) None 
 
  
 
(l) Provision and transfer of  
 financial information, and  
 financial data processing  
 and related software by  
 providers of other financial  
 services.  1) None 
2) None 
3) None 
4) None 
 
 1) 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) None 3) None 
4) Unbound 
 1) Unbound 
2) Unbound 3) None 
4) Unbound 
  
 
B. Travel Agencies and Tour  
 Operator Services  
 (CPC 7471)  1) Unbound 
2) None 
3) Branches and subsidiaries are not allowed 4) Unbound 
 1) Unbound 
2) Unbound 
3) None  
4) Unbound 
  
 
__________