but most industries can open up and bring in competition. in the service sector, there are also sensitive industries, and some services can ’ t be delivered across the border. thus, the market mechanism cannot cover all of them. but most other service industries can open up. the understandings of service industry opening - up and the necessary policy reform followed a similar process like that of manufacturing industry. the opening up to foreign capital started in industries such as hotels, restaurants, transportation, and etc., and expanded to other service industries. in terms of chinese services going global, the export products and their after - sale service of industrial companies were the first, followed by banking, insurance, medical, shipping, tourism, software, retail, payment, cultural services, and etc. shanghai ’ s shipping industry is a typical example. 4. the experience of regional pilot programs has enhanced the confidence in openingup in the early days, decisions were made to open up and develop four special economic zones, and there were different opinions at that time. later on, the successful experiences of special economic zones were introduced to other places. there were also different opinions regarding china's accession to the wto, but fact has proved that the wto membership had a profound and positive influence on china. the government advanced the experiment of shanghai free trade zone ( ftzs ) after the new leadership took office. there are 11 ftzs now. many experiences from the ftzs have been applied nationwide, the benefits of opening up has been tangible and well recognized. 5. financial service sector is a competitive service industry finance is an important component of the service industry, as reflected in its weight in the wto negotiation and in chinese statistical system ’ s classification of service industry. finance 2 / 4 bis central bankers'speeches is regarded by many at the core of any modern economy. in 1993, at the third plenary session of the 14th cpc central committee in 1993, the financial industry was described as the lifeline of country ’ s economy. i think this can be attributed to the background at that time. first, the financial sector, especially the banking industry, played a prominent role in resource allocation ; second, with each specializing in one field, there was little competition among the four specialized banks in the banking industry ; third, big financial institutions still undertook policy - related businesses and were not operating fully on a market - basis ; fourth, the absence of stability in the financial sector might trigger major chaos. would this affect

meetings, this publication sheds more light on monetary policy deliberations. monetary policy and broader economic issues are discussed with stakeholders at monetary policy forums, hosted bi - annually in bloemfontein, cape town, durban, east london, gauteng, kimberley, mafikeng, polokwane, port elizabeth and nelspruit. these forums provide for discussions on monetary policy over a broad geographical spectrum and involve a large cross - section of stakeholders, including trade union representatives, analysts, academics, the media and the general public. the bank is ultimately accountable to parliament as the representative body of all the people in south africa, and an annual report is submitted to parliament. i also meet periodically with members of the parliamentary portfolio committee on finance. after the publication of the bank ’ s quarterly bulletin, a presentation is made to the committee highlighting the contents of the bulletin, and i answer questions put by the committee. in addition to our accountability to parliament, we also report to our shareholders. the bank has had shareholders since its inception in 1921, but the legislation is drafted in such a way that no single shareholder can exercise any undue influence over the activities of the bank. the structure of shareholders adds an additional degree of accountability, in as much as the bank publishes an annual report that is tabled, discussed and approved at the annual general meeting of shareholders. the bank publishes an abridged version of the annual governor ’ s address to shareholders at the annual general meeting in six official languages of south africa in a variety of newspapers and magazines. this ensures that the address is accessible to all stakeholders in the bank. the importance of communication within an inflation targeting framework is without question. communication is a critical part of monetary policy since it can lead to more effective policy by influencing expectations. the challenge for the bank is to ensure maximum efficiency and consistency of its communication. as i have outlined, it is clear that the communications strategy of the bank is directed at a broad spectrum of individuals and institutions. from time to time our actions may be misinterpreted or misunderstood but we shall nevertheless endeavour to undertake whatever communication is necessary to ensure that the trust of the general public in the bank is maintained. 4. conclusion the constitution does not deal specifically with the rights of consumers, but deals with the rights of consumers to meet their basic needs which include adequate food, clothing, drinking water, electricity, education, health care and shelter. the national consumer forum identifies some important rights of the