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Friday, September 08, 2000, updated at 16:26(GMT+8)

China Expects to Become Full Member of WTO Soon

China's accession into the World Trade Organization (WTO) has entered the final stage, and it won't be long before China becomes a full member of the WTO.

Shi Guangsheng, minister of Foreign Trade and Eeconomic Cooperation, made the remarks at the fourth China Fair for International Investment and Trade (CFIIT) which opened in Xiamen Friday.

Shi said that currently, China is sorting out existing foreign- related economic laws and regulations and making amendments and additions to them according to the organization rules of the WTO, the requirement of establishing socialist market economic system and in the light of legal procedure.

China is also pacing up to create and perfect the foreign-related economic management system in line with the international practice, promoting economic restructuring and industrial upgrading, spreading knowledge about WTO and its rules, intensifying the cultivation of talent, uninterruptedly improving the macro control ability of the government and the international competitiveness of enterprises, so as to get well prepared for a keener international competition.

He said, to join the WTO is an important embodiment of China's active participation in the economic globalization as well as international competition and collaboration. "China needs WTO, and WTO also needs China," Shi pointed out.

To enter the WTO is the inherent requirement of the development of China's socialist market economy, Shi said.

He pointed out, as the biggest developing country in the world, China, on its way of constant development, is an indispensable important component of the economic globalization.

China's accession to the WTO will bring new vigor and vitality into economic globalization and explore new space for development, which not only is conducive to China's economy, but also good for the world economy, Shi said.

Shi said, after joining the WTO, China will join hands with other WTO members to play a constructive role in formulating the multilateral trade rules, advancing the economic and trade cooperation among WTO members and promoting the establishment of a new international economic order.

China will also take active part in the new round of WTO negotiation, strengthen mutual coordination among members, let more countries enjoy the opportunities and benefits brought about by the multilateral trading system and realize common development.

Shi expressed that after becoming a full member of the WTO, China will enjoy its rights and undertake corresponding obligations on the principle of balance between rights and obligations.

As a big responsible country, China will strictly abide by the basic rules of WTO and honor its commitments, Shi said.

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China's accession into the World Trade Organization (WTO) has entered the final stage, and it won't be long before China becomes a full member of the WTO.

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