China's Accession to WTO to Benefit World Economy: Chinese Legislator

China's entry into the World Trade Organization (WTO) will not only inject new energy into the national economy, but will also benefit the world economy, a senior Chinese legislator said Wednesday in Valparaiso.

China's entry into the WTO will be a win-win situation, because this will not only benefit China but other WTO members, said Cai Fangbei, vice chairman of the Foreign Affairs Committee of the Chinese National People's Congress.

Cai spoke during the second plenary session of the Ninth Annual Meeting of the Asia-Pacific Parliamentary Forum (APPF) that opened here Tuesday,

The Chinese legislator said that as the largest developing country whose trade volume ranks tenth and investments from abroad rank second in the world, China should enter the WTO at the earliest possible date.

China has taken a positive attitude and made enormous efforts regarding its accession to the WTO in accordance with the principles of balancing rights and obligations, Cai said.

At present, with its accession approaching the final stage, China hopes related procedures could end soon as possible so that it can quickly join the WTO.

With a population of 1.2 billion, China enjoys a huge market and offers enormous business opportunities to foreign investors. Therefore, without the participation of China, the WTO is incomplete, Cai stressed.

Preparations for China's entry into the WTO are well under way, Cai added.

Reforms on the administration of the economy are being implemented to improve its macro-control. The enterprises' operation system has also been reformed to speed up restructuring and structural upgrading of all enterprises, especially state-run enterprises.

The government is also preparing to adopt more forceful measures to further open markets in trade and service fields, increase the transparency of policies, laws and regulations, and continue to improve the investment environment, Cai said.

The APPF is designed to promote regional identity and cooperation, especially in peace, democracy and sustainable development. During the three-day meeting, 120 representatives from 25 countries will discuss issues such as regional politics and security, the situation in the Korean Peninsula and East Timor, and the non-proliferation of nuclear weapons.






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