Foreign Trade Minister Warns of Real Adverse Impact of WTO Membership

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Last updated at: (Beijing Time) Friday, March 07, 2003

Foreign Trade Minister Warns of Real Adverse Impact of WTO Membership

Foreign trade minister Shi Guangsheng warned Friday that the real negative impact of China's WTO membership lies ahead and there should be no let-up in the efforts to cope with it.

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Foreign trade minister Shi Guangsheng warned Friday that the real negative impact of China's WTO membership lies ahead and there should be no let-up in the efforts to cope with it.

"In the first year into the WTO, many people did not feel the adverse impact as had been expected," he said. "Nevertheless, the real adverse impact is yet to come," said Shi, who is attending the on-going annual session of the national legislature.

"We must persist in our efforts to offset the adverse impact and there should be no let-up in the efforts."

The minister, who signed the WTO Protocol on behalf of the Chinese government, said that the WTO membership did not bring much negative impact on China's economic development and market as expected in the first year. The import of such major commodities as farm produce, steel and automobiles did not bring much pressureto bear upon the domestic market.

Shi attributed the good situation to the "successful negotiations" and "full preparedness".

However, Shi warned, some industries and enterprises in China had not experienced any major impact and "tougher challenges are yet to come."

To honor its commitments to the WTO, China will gradually lowerits tariff rates, lift quota control and give foreign competitors wider access to the Chinese market, the minister said. Internationally, there will be more complaints against China's trade protection while trade friction between China and some othercountries is being intensified.

"We must, therefore, under no circumstances take it lightly. We must continue to do well in our counter measures and seize the opportunities to take up greater challenges," Shi said.

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