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People's Daily Online>>Foreign Affairs

10 years in WTO, China's opening-up to continue (2)

By Ding Qingfen and Yu Ran  (China Daily)

08:11, December 12, 2011

Minister of Commerce Chen Deming (left) talks with Pascal Lamy, director-general of the WTO, at a forum marking 10 years since China's entry to the WTO in Beijing on Sunday. (China Daily/Wu Zhiyi)

"The commitments accepted by China as part of its entry into the WTO were very high. In fact, many went well beyond what other emerging economies accepted in the past," Pascal Lamy, director-general of the WTO, said at the forum.

WTO membership made China a world investment destination and Shanghai was one of the cities that benefited from that trend, said Song Xiaohui, an official with the Shanghai SME Development and Service Center.

"As China's financial hub, Shanghai has seen its industries and sectors develop over the past 10 years," Song said.

Hong Kong also reaped benefits.

Lillian Tsoi, a certified accountant in Hong Kong, said the city's professional service sector gained the most. "Demand for accounting and auditing services grew rapidly thanks to more and more mainland firms going public in the city."

The number of mainland companies that listed in Hong Kong increased to more than 600 from around 90 in 2001, according to Hong Kong Exchanges and Clearing Ltd, the holding company for the stock exchange.

WTO entry has also resulted in global benefits.

"There can be little doubt that the accession of China to the WTO has brought about a significant transformation for China, for the rest of the world and for the multilateral trading system," said Supachai Panitchpakdi, secretary-general of the United Nations Conference on Trade and Development.

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