China's chief trade negotiator Long Yongtu yesterday reiterated that China will honour its commitment to enter the World Trade Organization (WTO) and said the nation is currently making the necessary preparations for joining the world trade club.
The prospect of China's entry into the WTO has already brought tremendous benefit to China and the Chinese Government has no reason not to keep its commitment, Long said at a luncheon attended by participants of the Bo'ao Forum for Asia.
The trade negotiator added that China has made moves to open its market and abide by international trade rules, not merely to please the WTO, but to accelerate the pace of reform within China and enable the country to participate more efficiently and actively in the process of globalization.
Long, who is also vice-minister of foreign trade and economic co-operation, pledged a legal environment that is transparent, fair and predictable and a market economy based on rules.
Long stressed that the opening of the Chinese market must be gradual and can only take place with certain conditions.
"If Western countries disregard the conditions of a developing country and force the developing country to open its market, they will find the market is not existent," Long said.
"If that is the case, it is the tragedy of trade negotiators from Western countries because by forcing developing countries to open their markets, they destroy the markets of the developing countries."
According to Long, China has already started to amend laws and regulations that are not compatible with the rules of the WTO. Training programs have been launched at all levels of government and in enterprises to familiarize Chinese people with the changes, he added.
Long said the government has begun streamlining its departments in the hope that a smaller government will be more appropriate once the market economy matures.
China's impending entry to the WTO has already begun to have effects on the nation's economy. Statistics from the Ministry of Foreign Trade and Economic Co-operation indicated that in 2000, foreign investment in China increased by 30 per cent year-on-year.
China's 15-year quest for full WTO membership has picked up speed in the last two years as the nation clinched market-accession agreements with major WTO members such as the United States and the European Union. Multi-lateral negotiations are still going on in Geneva and are currently focused on the issue of China's agricultural subsidies.
Long declined to predict when exactly China will enter the world trade body, but did say China's bid for WTO membership has arrived at the "final and irreversible stage."
(China Daily 02/27/2001)
