ORGANIZACIÓN MUNDIAL
DEL COMERCIOS/DCS/W/MAC/Rev.1
11 de abril de 2003
(03-1996)
Comité de Servicios Original:  inglés
MACAO, CHINA
Proyecto de lista refundida de compromisos específicos1
Revisión
El documento adjunto contiene una versión revisada del proyecto de la lista refundida de
compromisos específicos de Macao, China (S/DCS/W/MAC), 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 revisado de la 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.
El documento revisado contiene correcciones de la anotación relativa a los servicios
siguientes:
• 7.  FINANCIAL SERVICES;  B. Banking and Other Financial Services (excluding
Insurance):  El proyecto de lista refundida contenía referencias erróneas a códigos de
la CPC en el inciso f).  Dichas referencias se han suprimido en la versión revisada.
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1 El presente documento se ha preparado, en inglés solamente, 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/Rev.1
Página 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) None3) None4) Unbound1) Unbound
2) Unbound3) 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 andpublicity 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 in
Macau, after obtaining the necessary licence.
Commercial presence may be in the form of alocally incorporated subsidiary, branch orrepresentative office.  However, arepresentative 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 whoare not available in the local labour market.4) NoneS/DCS/W/MAC/Rev.1
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 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 entity
is permitted to conduct reinsurance business in
Macau.Commercial presence of reinsurers may be inthe 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 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 the general-manager of the
authorised reinsurer has to be resident in
Macau.
4) None
(d) Services auxiliary to
insurance (including
broking and agencyservices).1) None, other than insurance intermediaries
(brokers, agents and salesmen) need to obtain
licence prior to commencement of business.
2) None3) 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
Página 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 from
the 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 a
banking institution.
Under the present Financial System Act of
Macau, banks incorporated overseas mayapply 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 musthave 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 may
apply for authorization to open sub-branches or branches 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 anykind of banking business.
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
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 Limitat ions on  National Treatment Additional Commitments
(b) Lending of all types,
including inter alia ,
consumer credit, mortgagecredit, factoring and
financing of commercial
transaction.1) Unbound
2) None3) None other than that commercial presence
must take the form of an authorised 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 Financial System Act must
have at least 3 directors, two of whom must be
residents in Macau.
4) None
(c) Financial leasing. 1) Unbound
2) None
3) None other than that commercial presence
must take the form of an authorised creditinstitution, or a locally incorporated financialleasing company.
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 alternateCEO, each of whom must be resident in Macau;
b) a subsidiary of a bank incorporated overseas
or a financial leasing company authorised underFinancial System Act must have at least 3directors, two of whom must be residents inMacau.
4) NoneS/DCS/W/MAC/Rev.1
Página 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 branch
of a bank incorporated overseas or locally
incorporated bank;  b) an authorised locallyincorporated cash remittance company.
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 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;  c) a locally incorporated cashremittance company authorised under the FSAmust have one general-manager resident inMacau.
4) None
(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 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 3directors, two of whom must be residents in
Macau;
4) NoneS/DCS/W/MAC/Rev.1
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 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 market
or otherwise, the following:
- Money market instruments
(cheques, bills, certificatesof deposits, etc.).
- Foreign exchange.
- Derivative products,
including but not limited to,futures and options.
- Exchange rate and interest
rate instruments, including
products such as swaps,forward rate agreements,etc.
- Transferable securities.
- Other negotiable
instruments and financialassets, including bullion.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.
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 chief
executive 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
Página 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 related
to such issues publicly orprivately) and provision ofservices 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 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) 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.
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 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;
4) NoneS/DCS/W/MAC/Rev.1
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 Limitat ions on  National Treatment Additional Commitments
(i) Asset management, such as
cash or portfoliomanagement, all forms ofcollective investment
management, pension fund
management, custodial,depository and trustservices.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) 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.
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 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;
4) NoneS/DCS/W/MAC/Rev.1
Página 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 on
Financial Services,including credit referenceand analysis, investmentand portfolio research and
advice, advice on
acquisitions and oncorporate restructuring andstrategy.1) None
2) None3) None4) None1) None
2) None3) None4) None
(l) Provision and transfer of
financial information, and
financial data processingand related software byproviders of other financialservices.1) None
2) None
3) None4) None1) None
2) None
3) None4) 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 allowed
4) Unbound1) Unbound
2) Unbound3) None
4) Unbound
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