China's accession to the WTO (World Trade Organization) will inspire the long term finance development of the country, said Dr. Pei Ping, dean of the Finance Department of the Nanjing University, east China's Jiangsu Province.

The bilateral agreement signed by China and the US concerning China's entry into the WTO on November 15 will benefit both China and the US and exert a positive influence on the world economy as well, Pei told Xinhua today.

The large amount of capital expected to be brought by foreign organizations in the wake of the China's entry into the WTO will undoubtedly increase China's capacity in financing and rational utility of foreign investment, Pei said.

The fierce competition in the economic sector inspired by China 's entry into the WTO will require China to further improve its services and readjust its financial structure and operational system, said Pei.

The bilateral agreement on the WTO issue between China and the US has admittedly attracted enormous interest around the country. (Xinhua)