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China Can Face Up to Challenges of WTO Entry
China is capable of dealing with the impact on its economy brought about by the expected membership of the World Trade Organization (WTO), said Professor Wing Thye Woo of Davis school, California University, the United States.
If you take China as a tiger and the WTO a bridge across a gorge, China will cross the bridge safely, he said at the HSAC Economics Forum held Thursday at Fudan University in Shanghai.
China has experienced encouraging economic growth for more than two decades and the current leadership knows very well the importance of introducing the market economic system and adapting the Chinese economy to the world economy, said the professor.
China will be largely affected by two factors upon its WTO accession. One is the lowering of tariffs and the other is the entry of foreign banks, which are likely to result in a sharp rise of imports, a growing pressure on the domestic currency for depreciation, increasing unemployment, and difficulties in Chinese banks' operations.
He believed that the Chinese government is capable of handling the problems properly.
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