As the countdown draws near the end for China's WTO accession, more and more Chinese have become concerned about the possible impact, both positive and negative.
WTO accession will offer both challenges and opportunities. As a member country, China's voice will be better heard, the trade dialogue will become more negotiable, and trade disputes will be solved more constructively in the international arena.
WTO entry will produce more jobs for China thanks to the greater business opportunities it will produce, with an annual increase of 12 million, alleviating the unemployment pressure on the country.
Moreover, both Chinese and foreign consumers will have more choices in buying goods after the trade barriers are removed. As to Chinese consumers, they will enjoy more satisfactory service and high-quality goods, since the domestic enterprises will have to improve their products and services to be more competitive with their foreign counterparts. Important sectors in this regard include telecommunications and the pharmaceutical medical industry, which are often criticized for their service under the protective umbrella of state monopoly.
Furthermore, WTO entry will consolidate the market force in economic activities and weaken the role of government administration, thus promoting the central government's anti-corruption campaign.
China's currency, the Renminbi, will see no prompt devaluation after WTO entry since its actual value is determined by the difference between domestic and foreign inflation rate. China will see an upturn in its exports and imports, which will balance the domestic price from extreme fluctuation.
To suit new trends and development needs, many new occupations will appear in the country such as brand promoters, information managers, and quality insurance personnel as trans-national corporations penetrate the market with their branch enterprises or agencies.
According to human-resources director of a Sino-British joint venture, their greatest need so far is for a brand director and brand manager who can help them gain a greater share of the domestic market, and promote and safeguard their product image. As people show more interest and confidence in brand products, not only foreign but also domestic enterprises should strengthen their brand strategy and related talents will in great demand.
A relatively great impact will be seen in the auto sector, agriculture, finance, and telecommunications, which are less advantageous and developed than their foreign counterparts. However, textile, garment, fashion, and light industrial products will enjoy more sales.
(www.keyanhelp.cn 04/29/2001)
