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China Vows to Open Wider to Outside World
As China's entry into the World Trade Organization (WTO) draws nearer, the country will introduce more effective measures to further open its domestic markets to the outside world.
The pledge was made Thursday by Shi Guangsheng, minister of Foreign Trade and Economic Cooperation (MOFTEC) in a keynote speech at an 11th Annual Corporate Conference luncheon for the US' s Asia Society in Asia.
At the turn of the new century and with the prospect of China's entry into WTO, Shi said, China will push ahead its opening-up drive, initiated in the late 1970s, in a more active manner. The move will create new opportunities for overseas investors. By joining the WTO, China will surely inject vitality into the global economy, he said.
Bilateral and multilateral talks on China's accession into WTO has entered the final stage, the foreign trade minister said, adding China's entry into the world trade body is just around the corner.
"On accession into WTO, China will play a constructive role together with other members of the world trade body in promoting economic and trade cooperation, drafting multilateral trading rules and advancing the establishment of a new international economic order," said Shi.
In the next ten years, China will try hard to maintain a fast, sustained economic growth while carrying out economic reforms and promote science and technology.
By 2010, China's GDP will double the present level. Greater efforts will be made to expand foreign trade and economic cooperation and further opening up Chinese markets globally. Developing China's western areas "will create favorable environment for overseas investors," said Shi.
China hopes that developed countries including the United States can relax limitations on technology exports to China and realize greater growth in bilateral trade.
Shi said that China welcomes overseas companies to set up research and technological development centers in China or invest in high- and new-technological businesses.
The foreign trade minister said that in the future China will improve banking, insurance, telecommunications, foreign trade, commerce, tourism, accountants and lawyers agencies to overseas investors in accordance with China's national economic development.
Shi said that overseas investors are encouraged to participate in reforms and upgrading China's state owned enterprises (SOEs). With the principle of mutual benefit, China is willing to negotiate with overseas investors on promoting transformation and upgrading of its SOEs by way of shareholding, leasing, sale, and cooperative operation, Shi said.
"China will further expand reform in foreign trade management system, and accelerate the establishment of a unified, standardized foreign trade system in accordance with the requirements of a socialist market economy and common international practices," said the Chinese foreign trade minister.
He said that "Efforts will also be made to improve laws concerning foreign nationals and create a healthy trade and investment environment for overseas investors." The Asia Society is one of the largest NGOs in the United States.
More than 800 Chinese and overseas delegates are attending the conference, which will close tomorrow.
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