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China Preparing for Entry Into WTO: Minister
Various localities and departments should make good preparations for China's accession to the World Trade Organization (WTO) and opening up even wider to the outside world, said China's top planner Zeng Peiyan Tuesday.
Zeng Peiyan, Minster in charge of the State Development Planning Commission, was reporting to the current NPC session on the Implementation of the 2000 Plan for National Economic and Social Development and on the Draft 2001 Plan.
He said, efforts are needed to conduct a thorough study of WTO rules and make a concentrated effort to review, revise and improve relevant economic laws and regulations to establish and develop a system of laws for dealing with external affairs in line with China's specific conditions that also conforms to WTO rules.
Efforts to change the government functions and ways of regulating the economy will be accelerated, Zeng said, adding "We will be doing all we can to restructure and reorganize industries in fields such as agriculture, automobiles, petrochemicals, electromechanical equipment manufacturing, telecommunications, finance and insurance to improve their competitive edge."
Zeng said, great efforts will be made to train high quality personnel well versed in international law and WTO rules.
China will adopt a strategy to rejuvenate trade through development of science, technology and education and follow a strategy of diversifying markets to increase imports and exports.
Policies and measures will be implemented and retained to encourage an increase in the export of goods and services. The pattern of exports will be shifted to increase the proportion of electromechanical equipment in the country's exports, particularly high-tech products, and raise their added value, Zeng said.
He said, proper arrangements will be made for the import of key equipment, technology and raw and semi-finished materials that are urgently needed in China.
"We will work to stabilize the amount of foreign capital utilized and to improve the quality and performance of utilization, " Zeng said, adding the service sector will be opened to overseas investment on a step-by-step basis.
Zeng continued, "We will work to create proper conditions and encourage foreign investors, especially multinational corporations, to invest in China's high-tech industries and participate in the restructuring and upgrading of state-owned enterprises and infrastructure construction."
China will try to attract long- and medium-term overseas investment by exploring ways whereby foreign investors can purchase or acquire Chinese enterprises and set up investment funds, Zeng said.
According to him, in line with our "go global" strategy, China will make better use of both domestic and international resources and markets. China will speed up establishing and perfecting a policy support system and supervision system to encourage and guide enterprises with the proper conditions to invest and run plants in foreign countries and regions and set up international operations.
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