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WTO panel says China bank card monopoly breaks WTO rules

By REUTERS

JULY 16, 2012 17:54

GENEVA - China discriminates against foreign bank card suppliers by maintaining state-owned China UnionPay as the monopoly supplier for clearing certain transactions, a World Trade Organization dispute panel said in a ruling published on Monday.

The panel said China is breaking the WTO rules by requiring all payment cards issued in China to work with the China UnionPay network and to carry its logo, as well as by forcing all payment terminals to accept China UnionPay network, it said.

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