Long Yongtu on 'Three Changes' from China's WTO Entry

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Last updated at: (Beijing Time) Thursday, March 28, 2002

Long Yongtu on 'Three Changes' from China's WTO Entry

Long Yongtu, vice minister of Foreign Trade and Economic Cooperation, addressed the Sino-ROK Economic Seminar held on March 27 that WTO entry will bring dramatic changes and effect to China's international economic cooperation and the operation of Chinese enterprises. Changes will mainly lie in three aspects.

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China enters new stage of opening up

"WTO accession marks that China has entered the new stage of opening up. That's a new start for China to further opening up and participate in the globalization as well as a new start to deepen reform and better the socialist market economy structure. China will keep fast to its policy of opening up and further strengthen economic and technological exchanges and cooperation with other countries and areas to promote the development of the world economy."

Long Yongtu analyses three changes

Good economic environment coming

First, China's economic development and international cooperation will embrace good international economic environment. The commitments made by China for its entry into the WTO indicates that China will deal with foreign trade in line with international common practices. Moreover, China is going to establish a responsible image in front of the world by a further opening its market, which is of great importance in improving China's business and investment environment.

Restructuring of mechanism

Second, it will help China build up a mechanism to better meet the demand of the socialist market economy. Three factors are required by the mechanism: First, it is a stable, transparent and predictable law system. China is improving its external law and rule system according to the demand of the WTO and its commitments. Second, an incorruptible, high-efficient and standard political system will be set up in line with the demand of the socialist market economy. Third, a more fair, favorable and orderly market environment will be created.

Policy system to be more open

Third, the policy system will be more open. In this regard, as promised, the Chinese government has cut down tariff from 15.3% in 2001 to 12%, and cancelled many products' import quota license management, which will bring an overall and predictable opening system for China.

Long concluded that China will strengthen economic cooperation with the world after its entry into the WTO due to the remarkable changes in the international environment and China's mechanism and policies. Economic cooperation between China and other countries is going to be conducted in a more favorable environment.

China's Entry into the WTO

China's entry to the WTO is a major event for the country, and the world as a whole.

Governments, business circles and social organizations all over the world have sent congratulatory messages to China's Ministry of Foreign Trade and Economic Cooperation, saying that China's entry will benefit its national economy, as well as encourage global economic growth and the improvement of the multilateral trade system.

Full Coverage: China Embraces WTO

Photo Feature: China's Entry into the WTO

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