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China to open its advertising market
China must open its advertising market by the end of 2005, said a Chinese official Wednesday. Wang Zhongfu, Director of General Administration for Industry and Commerce, made the remarks at the 39th World Congress of the International Advertising Agency (IAA). China will keep its promise to the World Trade Organization ( WTO) to open its advertising market, he said. According to regulations, China was required to permit foreign advertising companies to set up jointly funded companies in China by the end of 2003. The top 10 advertising companies in the world have esch set up jointly-funded companies here with Chinese partners. The regulations also stipulate that in four years after China's entry to the WTO, foreign advertising companies can establish wholly funded branches in China. Since China's reform and opening up, China's advertising industry has developed rapidly. The Chinese government has also provided opportunities for foreign advertising companies to reap huge profits in China, Wang said. "Opening the market is also conducive to the development of China's advertising industry and its exchanges with foreign counterparts," he stressed.
The departments of Administration for Industry and Commerce will intensify their fight against false commercials and will guarantee fair competition in the advertising market, he said. |
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