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on-life, China will allow branching or 51 percent ownership on accession and wholly owned subsidiaries in 2 years. Reinsurance is completely open upon accession (100 percent, no restrictions). BANKING Currently foreign banks are not permitted to do local currency business with Chinese clients (a few can engage in local currency business with their foreign clients). China imposes severe geographic restrictions on the establishment of foreign banks. China has committed to full market access in five years for U.S. banks. Foreign banks will be able to conduct local currency business with Chinese enterprises starting 2 years after accession. Foreign banks will be able to conduct local currency business with Chinese individuals from 5 years after accession. Foreign banks will have the same rights (national treatment) as Chinese banks within designated geographic areas. Both geographic and customer restrictions will be removed in five years. Non-bank financial companies can offer auto financing upon accession. SECURITIES China will permit minority foreign-owned joint ventures to engage in fund management on the same terms as Chinese firms. By three years after accession, foreign ownership of these joint ventures will be allowed to rise to 49 percent. As the scope of business expands for Chinese firms, foreign joint venture securities companies will enjoy the same expansion in scope of business. In addition, 33 percent foreign?owned joint ventures will be allowed to underwrite domestic equity issues and underwrite and trade in international equity and all corporate and government debt issues. PROFESSIONAL SERVICES China has made strong commitments regarding professional services, including the areas of law, accounting, management consulting, tax consulting, architecture, engineering, urban planning, medical and dental services, and computer and related services. China's commitments will lead to greater market access opportunities and increased certainty for American companies doing business in China. > MOTION PICTURES, VIDEOS, SOUND RECORDINGS China will allow the 20 films to be imported on a revenue-sharing basis in each of the 3 years after accession. U.S. firms can form joint ventures to distribute videos, software entertainment, and sound recordings and to own and operate cinemas. PROTOCOL PROVISIONS Commitments in China's WTO Protocol and Working Party Report establish rights and obligations enforceable through WTO dispute settlement procedures. We have agreed on key provisions relating to antidumping and subsidies, protection against import surges, technology transfer requirements, and offsets, as well as practices of state?owned and state?invested enterprises. These rules are of special importance to U.S. workers and business. China has agreed to implement the TRIMs Agreement upon accession, eliminate and cease enforcing trade and foreign exchange balancing requirements, as well as local content requirements, refuse to enforce contracts imposing these requirements, and only impose or enforce laws or other provisions relating to the transfer of technology or other know-how, if they are in accordance with the WTO agreements on protection of intellectual property rights and trade?related investment measures. These provisions will also help protect American firms against forced technology transfers. China has agreed that, upon accession, it will not condition investment approva