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East China Province Braces for WTO Challenge
A research report says that Zhejiang Province on the east China coast will be one of the biggest beneficiaries of the country's accession into the World Trade Organization (WTO) this year.
The research report also cautions that different measures should be taken as early as possible because businesses in forestry, fishery, chemical industry, construction, commerce, machine-building, electronic and telecom equipment, service trade£¬automobile, auto spare parts, as well as measuring instruments will suffer severe blows after China is admitted into the world trade club.
The report was produced by Zhejiang Provincial WTO Research and Consulting Center, set up in March this year. The report will be used by provincial policy makers as a reference£¬ said local sources.
According to the report, in the first five years after China's accession into WTO£¬ Zhejiang Province's gross domestic product (GDP)should go up by 28.02 billion yuan (about 3.38 billion US dollars). The Gross Domestic Product (GDP) of the province was 605 billion yuan (about 72.9 billion US dollars) last year.
In the next five years, the province will expect increases of 24.9 percent in foreign trade volume, 3.6 percent in fiscal revenue and about 1 million new jobs.
The report says that huge economic returns will come from improved benefits generated by garment making, tannery, animal husbandry, breeding and food processing industries, where the province has an edge over other Chinese regions.
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