China's WTO entry recasts economic landscape
(China Daily/FT)Updated: 2006-12-11 06:56
Lamy lauds achievements
World Trade Organization
Director-General Pascal Lamy Sunday praised China's performance since it joined
the global trading body in 2001.
The director-general acknowledged China's efforts to fulfil its commitments, such as reducing import barriers to a level that is among the lowest in developing countries. Also, the country's imports hit nearly US$2.2 trillion in the past five years, with an annual growth rate of 28 per cent.
"China's ratio of imports to GDP, which is a criterion to measure an economy's openness, has moved from 5 per cent in 1978 to 30 per cent in 2005. It is also higher than other developing countries such as Argentina, Brazil or India," he said.
More importantly, Lamy said, China has also become a destination for exports from other developing countries.
"China is the world's third-largest importer from the world's poorest countries, after the European Union and the United States," he said.
When the WTO conducted the first review of China's trade policy in June, the overall assessment was positive.
"The political commitment and determination showed by the Chinese Government is serious and responsible, and all WTO members have acknowledged it," Lamy said.
He also believes China will play a key role in the ongoing WTO negotiations under the Doha Round.
"It is a clear reflection of the importance that China attaches to a fairer and more open trading system, providing a stable framework for China's insertion in the global economy," he said.
Lamy also expects China to make further efforts in some areas, such as intellectual property rights protection.
"I have the confidence that the Chinese Government will spare no effort in
improving its trade regime and legal enforcement, which would benefit the
Chinese economy in the long run," he said.
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