China to Become World's Biggest Market in 21st Century: Long Yongtu

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Last updated at: (Beijing Time) Sunday, December 02, 2001

China to Become World's Biggest Market in 21st Century: Long Yongtu

China's accession to the WTO will benefit Singapore, ASEAN and the world as a whole as China will become the world's biggest market in the 21st century and play an important and constructive role in the biggest world trade body, said a Chinese official Friday in Singapore.

Long Yongtu, Chinese Vice Minister of Foreign Trade and Economic Cooperation and chief negotiator for WTO-related talks, made the remarks while delivering a public lecture under the theme "China in the WTO: New Opportunities for Singapore and ASEAN".

Long arrived here Thursday night for a two-day visit at the invitation of George Yeo, Minister for Trade and Industry of Singapore.

Addressing a large audience about 700 strong including government officials, business personalities, scholars and diplomats, he said that China has a huge population of 1.3 billion, which accounts for one fifth of the world population.

Given that 400-500 million Chinese will enjoy middle income in the next 10 years, China will stand as a market much bigger than that of the U.S., he said.

He pointed out that China's entry into the WTO, which is based on its rapid economic development during the past 20 years, will bring about a lot of valuable business opportunities for Singapore, the Association of Southeast Asian Nations (ASEAN) and the world as a whole and will pose no threat to other countries as it is in the interest of both China and the world.

On business opportunities for Singapore following China's entry into the WTO, he said Singapore has contributed to China's development during the past decades of China's reform and opening-up and will benefit more after China is embraced in the WTO. For example, he elaborated, besides directly involving in China's market, Singapore can also serve as a middle-man to businesses from various part of the world who wants to enter the China market,

to become a supply base for those operating in China and function as a major source of expertise and knowledge to China.

Long reiterated that China will fulfill its promised commitment on entering the WTO, namely to follow international rules and gradually open up its domestic market to the outside world, adding that China will lower its tariffs, try its best to improve its legal and administrative systems and establish a good market order which are taking priority in the government work.

"China has always been as good as its word," he underlined while answering a question. "It is one of the most important ethnic standards in China that promises must be kept and action must be resolute."

Long also impressed the audience with a humorous account of a story related to his family name "Long", saying the literal translation of his family name in English happens to be the same as the spelling of the word 'long', which might help explain, said some of his colleagues jokingly, why China has struggled for such a long time trying to get into the WTO.

A long time negotiation is good for China, as it gave China more time to get well prepared, Long said, amid the laughter of the audience.

China will become a full WTO member on December 11, one month after its admittance into the world trade body on November 11 in Doha, the capital city of Qatar, where the Fourth WTO Ministerial Conference was held.

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