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China keeping WTO promises
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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