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| Foreign Businesses Applaud China's WTO Entry |
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MON, NOV 12, 2001
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The resumption of China's legitimate seat in the United Nations (UN) 30 years ago won applause from diplomats of the majority of countries, and now it's the turn of world businesses to welcome China's entry into the World Trade Organization (WT0).
Kenneth Hsu, vice president of Ford Motor China Ltd., said Ford has been waiting for this day for too long, and this is the most important moment since that day in 1971, when China was accepted by the UN into world politics. Now, China has joined the world economy, Hsu said.
He stressed that Ford, facing fiercer competition in the Chinese market, will further improve its after-sale services and consumer credit business.
Joachim Milberg, chairman of BMW AG, said that China's entry into the WTO will speed up China's reform and its participation in the world economy and trade.
The entry marks a milestone in China's reform and opening-up, and also a milestone for more transnational companies to enter the China market, added the chairman.
Chief Representative of the Rolls-Royce International Limited-China Bill Woon noted that the integration of Chinese and international markets will be accelerated.
It will be seen in the improvement of China's investment environment, more foreign investment in China's new- and high-tech industry and adjustment of China's industrial structure, which in return, will attract more foreign investment, added Woon.
James Jianmin Xi, vice president of Ericsson (China) Co. Ltd., said the entry means that China, with its increasing status and participation in world economy, will contribute to world prosperity.
China will introduce more foreign businesses and at the same time, Chinese businesses will better explore the world market, Xi pointed out.
Airbus China President Guy McLeod said that "China is a country with great market potential" and "in the coming 20 years, China will become the world's second largest aviation market after the United States."
"Joining the WTO will inject new vitality into the Chinese market," McLeod noted. "The country will be more open, trade will be freer and tourism is to become more flourishing, and the aviation industry will gain new momentum."
Wilson Kwok, chief representative of the Canadian business Consulting Services in Beijing, said that confidence is of vital importance for both international and domestic economies.
China's entry at the time of world economic recession is proof of the Chinese government's confidence in the world economy, Kwok said, adding that its practical measures such as reducing tariffs and giving national treatment to foreign-funded businesses have been extremely beneficial.
He pointed out that entrepreneurs will be aware of this confidence which will encourage the Asia-Pacific and world as a whole.
Rickie Ho, chief representative of Taikoo Enterprises, China's Volvo agent, said China's entry is important for gaining confidence from foreign investors, and China's concentrated efforts will create a freer environment for the automobile industry.
Thus, more investment will flow into China's automobile industry and other sectors, noted Ho, adding that it is a "win-win" prospect for China.
The world's leading fast food company McDonald's believes that China's entry will bring about more foreign investment, increase international trade, create a more orderly domestic market and a sound legal system, as well as rapid economic growth, which will benefit the fast-food sector.
McDonald's would like to see China involved in the world economy and welcomes a flourishing Chinese market, said Tim Lai, executive director of McDonald's China Development Company.
Chairman of Procter & Gamble John Pepper said China's entry will bring about more competition for transnationals and its domestic companies in the Chinese market, and P&G is pleased to see more competition because competition will push producers to be more efficient, reduce cost and make better products.
President of the Siemens Limited China Ernst Behrens said, "We firmly believe that the WTO membership will provide China with new opportunities to continue to enjoy sustainable economic growth, political stability and social harmony."
He stressed that there is absolutely no doubt that China will be a "responsible and resourceful" member of the WTO.
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