Telecoms: under accession, foreign companies will be allowed to take an immediate 24 per cent share in mobile telecommunications firms, 35 per cent after one year and 49 per cent after three years. Foreign companies will be able to take an immediate 30 per cent stake in internet companies rising to 50 per cent in two years. State-owned telecoms giants are expected to be hit as competition among domestic operators heats up.

Cars: the domestic automobile industry is expected to be hardest hit with a major shake-out predicted under WTO. China will cut its import tariffs on cars from the current 80 per cent to 100 per cent to 25 per cent by 2006. Cheaper imports are likely to hurt foreign auto joint ventures with better product quality and services.

Banking: foreign banks will be allowed for the first time to conduct domestic yuan currency business with Chinese firms two years after accession and with Chinese individuals after five years. This means that foreign banks could end up with more than half the domestic market for fee-based banking services.

Insurance: China is to allow effective management control in life assurance joint ventures, although it is to limit foreign stakes to 50 per cent. This means that foreign insurers are likely to have an easier time getting licences to sell policies in China, providing stiff competition for domestic insurers who now enjoy 99 per cent market share.

Agriculture: China has agreed to cap its spending on farm subsidies at 8.5 per cent of the value of agricultural production. Duties on products are to fall from 22 per cent to 17 per cent.

Retail and distribution: restrictions on distribution services for most products are to be phased out over three years. Space restrictions on foreign-owned stores and joint venture restrictions on operating chain stores are to be scrapped. This will allow foreign firms to take a controlling stake of up to 65 per cent in retail outlets.