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| China's Entry to WTO: A Win-Win Deal |
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TUE, NOV 13, 2001
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China needs the world and the world needs China, and China's entry to the World Trade Organization will benefit all, economists in Beijing believe.
The proposal on China's accession to the WTO was passed during the on-going Doha meeting, which marks that China has become a full member of the WTO after trying for 15 years.
China needs the WTO as its economy develops further. China's trade volume last year was listed as the seventh highest in the world, and its restoration of foreign exchange now is over 200 billion U.S. dollars. Facts prove that China's economy has been integrated with that of the world.
Just as People's Daily, China's state newspaper, has said, China's effort to enter the WTO demonstrates that this country has stayed apace with the trend of globalization, and has taken an active part in international competition and cooperation.
The WTO needs China, too. Supachai, incoming director-general of the WTO, said that China, with its 1.3 billion population, has enormous opportunities and potential, and all nations of the world will benefit from China's openness.
Ascal Lamy, a member of the Commission of the European Union, said that China's entry to the WTO is the biggest progress for this organization.
Chino Tadao, president of the Asian Development Bank, said that China's entry to the WTO will change the country itself and the WTO as well. He estimated that more foreign companies will invest in China in the areas of banking, insurance, education and scientific research.
Companies from 95 countries and regions invested in Shanghai this year, and 256 of the world's 500 top companies have made investment in China.
Shi Guangshen, minister of Foreign Trade and Economic Cooperation, said that China, as always, will enhance its trade cooperation with all nations and regions of the world based on equality and mutual benefit, and it will play a constructive role in the multilateral trade system to promote world trade.
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