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China keeping WTO promises
(Xinhua)
Updated: 2004-12-10 14:07 Three years since China's
accession into the World Trade Organization, Chinese WTO ambassador told CRI
reporter China's fulfilling its committment, and more steps will be in place for
better integration into the global trade body.
China made a wide range of promises to the world in the WTO Entry Protocol
signed three years ago. The Chinese ambassador to the WTO, Sun Zhenyu says most
of these promises have been fulfilled, showing China is a responsible and
reliable country. The efforts that China has made have won high praise from
other WTO members.
"China has amended 2,300 and abolished 700 relevant laws and regulations in
conformity with WTO rules and most-favored treatment rules. China's WTO
accession has lowered the customs duty by one third, which has further opened
Chinese markets to the world."
In addition, he says that thanks to China's WTO accession, the country has
already carried out its promises to give other countries more green-lights in
the service trade areas, including finance, insurance, telecommunications and
legal services. Two hundred and four foreign-owned banks have set up their
branches in China. One hundred and five of them have been licensed to operate
RMB business. About 40 foreign-owned insurance companies have joined hands with
Chinese companies to form about 70 joint ventures.
China's accession to the WTO is playing an essential role in China's, and the
world's economic development. The Chinese economy has taken a further
step-forward with an average nine per cent growth of GDP every year. It has also
triggered an increase in Chinese imports, which is helping regional and
international economic growth.
However, Sun Zhenyu warns that Chinese people shouldn't be too optimistic
about the achievements because the Chinese economy and trade may experience some
difficulty and face challenges in the next few years:
"International trade protectionism is liable to bear negative impacts on
Chinese exports. Since China is the largest victim for anti-dumping charges, I
suggest Chinese enterprises actively appeal to the WTO dispute resolving
mechanism in dealing with trade frictions and yield brand-name products with
high added value and high technology content so as to win the fierce
competition."
The Chinese WTO ambassador also suggests the establishment of an early
warning system, so that overseas market feedback is within the reach by Chinese
enterprises, to get prepared for trade disputes.
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