China Agrees to Loosen Controls on News Providers

Following complaints filed to the WTO by the U.S., E.U. and Canada, China has canceled regulations imposed in 2006 that required foreign services to go through Xinhua to distribute news in China. From AP:

Calling it a “landmark agreement,” Brussels said companies such as Thomson Reuters Corp., Bloomberg LP and Dow Jones & Co. would benefit from better conditions for the sale of financial information to banks, government agencies and other customers in China.

The Chinese mission confirmed that a settlement was signed Thursday in Geneva.

U.S. Trade Representative Susan Schwab said China’s commitment to establishing an independent regulator in the sector was especially important.

Read also a Xinhua report on the agreement.