Negotiation on China's accession to the World Trade Organization (WTO) ended Monday with the signing of a bilateral agreement.

Some officials and business people in the Chinese capital said that the bilateral agreement is a big and significant event in the history of world trade development.

China's economy will now become an even more integral part of the world economy, said Li Zhao, director of the Beijing Municipal Economic and Trade Commission, adding that it would be conducive not only to China's reform, but to the growth of world trade.

"The world will see a more open China with an improved foreign trade climate since China and the United States reached an agreement," Li said.

The Beijing Foreign Enterprise Service Co.(FESCO), founded in 1979, is the largest human resources company for Beijing-based foreign businesses.

Wang Xiaoping, the company's general manager assistant, said it was a good thing that China and the US reached an agreement. The good news as also brought extra pressure to FESCO.

The FESCO must further open the service trade market. "We'll further regulate services and improve management so as to be more competitive since FESCO will have to compete with rivals both at home and overseas without any protection policies," Wang said.

China's entry into the WTO means both opportunities and challenges, said Meng Qingbin, president of the Bank of China's Beijing Branch.

China's bank business still has a lot of work ahead to become part of the international trade community. However, the Bank of China is fully capable of running businesses in the world market, added Meng.

Zhao Jidong, chief of the Beijing Municipal Telecommunication Administrative Bureau, expressed his belief that the agreement would greatly push forward the growth of telecommunications in Beijing. "We'll make use of this opportunity to further improve the service and quality of telecommunications."

Xing Huanlou, a technology investment businessman, says that China will now enter the international trade arena on a more equal basis.

"The bilateral agreement is of great importance in upgrading China's technical know-how as well as protecting intellectual property in the country," Xing said.

Liu Chuanzhi, President of the Beijing Legend Computer Group Company -- the biggest PC producer in China -- is optimistic about the impact of China's accession to WTO on its computer industry. Tariffs will become lower and help improve make the PC market.

Liu said that low tariffs will also make favorable conditions in the struggle to curb smuggling and piracy.

Professor Wang Junyi from Beijing University said China would benefit in numerous ways as a WTO member. However, this will also produce a negative effect on China, and its agricultural, automobile, telecommunication, service, financial, insurance and securities industries will not benefit from the bilateral agreement since part of the Chinese market will be taken over by foreign rivals. (Xinhua)