Foreign majority ownership shall be permitted no later than Dec.11,2002. Wholly foreign owned enterprises shall be permitted no later than Dec. 11,2004.

（八）代理公司

8.Agencies

1、船舶：外资比例不超过49%

(1)Ship agencies: The proportion of foreign investment shall not exceed 49%.

2、货运（不包括邮政部门专营服务的业务）：外资比例不超过50%（速递服务不超过49%）；不迟于2002年12月11日允许外方控股；不迟于2005年12月11日允许外方独资

(2)Freight forwarding agencies (excluding those services specially reserved for Chinese postal authorities): The proportion of foreign investment shall not exceed 50% (not exceed 49% in the case of courier services). Foreign majority ownership shall be permitted no later than Dec. 11, 2002. Wholly foreign owned enterprises shall be permitted no later than Dec. 11, 2005.

3、外轮理货：限于合资、合作

(3)Cargo handling for foreign vessels: In forms of equity joint ventures or contractual joint ventures only

4、广告：外资比例不超过49%；不迟于2003年12月11日允许外方控股；不迟于2005年12月11日允许外方独资

(4)Advertising agencies: Tile proportion of foreign investment shall not exceed 49%. Foreign majority ownership shall be permitted no later than Dec. 11, 2003. Wholly foreign owned enterprises shall be permitted no later than Dec. 11, 2005.

（九）保险公司

9.Insurance

1、非寿险保险公司：外资比例不超过51%；不迟于2003年12月11日允许外方独资

(1)Non-life insurance companies: The proportion of foreign investments shall not exceed 51%. Wholly foreign owned enterprises shall be permitted no later than Dec. 11, 2003.

2、寿险保险公司：外资比例不超过50%

(2)Life insurance companies: The proportion of foreign investments shall not exceed 50%.

（十）证券公司、证券投资基金管理公司

10.Securities company, securities investment fund management companies

1、证券公司：不迟于2004年12月11日允许外商投资，外资比例不超过1/3

(1)Securities companies: Foreign investments shall be permitted no later than Dee. 11, 2004 with the proportion of foreign investment not exceeding 1/3.

2、证券投资基金管理公司：允许外商投资，外资比例不超过33%；不迟于2004

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