European Companies Hail China-EU WTO AgreementUpon the signing of a bilateral agreement by China and the European Union on China's entry into the World Trade Organization, the Beijing-based representative offices of companies from EU member countries voiced their welcome and support for the accord signifying the last major victory in China's fourteen-year WTO bid.Alcatel China Chairman and CEO Dominique de Boisseson told Xinhua that Alcatel is very pleased to see China approaching the final stage of entering WTO on reaching agreement with EU. China's WTO entry provides an excellent opportunity for China to access the new and cutting-edge technologies in all areas of business, thereby further increasing China's economic development, he said. As a world leader in telecommunications industry, Alcatel believed that China's WTO accession will bring domestic reform to a new level. "Deregulation in telecommunications industry will continue, more operators will emerge, new services will be developed, internet development will be accelerated, and a new market more in line with world practice will emerge," Boisseson described. Another telecommunications giant Ericsson applauds the conclusion, saying that "WTO, the world's largest trade regulatory system cam then be truly representative with the membership of China, one of the world's largest emerging economic and trading entities." "By opening up market access between china and other WTO member countries, the agreement will create a new horizon of opportunities for companies operating in China like Ericsson." The Beijing-based chief representative of Standard Life, a British insurance company, told Xinhua that his company is delighted at the signing of the deal, which means that China has come to the very doorstep of WTO. After China's accession to the World Trade Organization, its insurance industry will probably face much more intense competition than before, which at the same time endows the industry with brand new opportunities for development, he said. Foreign insurance companies will bring to China their expertise accumulated through centuries of practice, as well as solid capital and advanced technical know-how. "If you look at it with foresight, this is the inevitable trend, " he said, prophesying that under appropriate guidance and proper handling, China's insurance industry will survive the shock and enter into new phases of development. The chief representative of Gerling, a German insurance company, voiced similar optimism. The signing of the agreement is a victory to both sides, and he believes that the European Union wants to support China's entry into the WTO, he said. European insurance companies, rich in experience in industrial insurance, risk management and credit insurance, will greatly benefit their Chinese counterparts through cooperation in these areas, he said, pledging that European companies could play a " complementary but vital role in the overall structure of China's insurance industry." |
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