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Long Yongtu: WTO Entry Will Benefit All
China's chief negotiator for entry into the World Trade Organization (WTO) said the country would be a responsible member when it joined the global trade body, an official newspaper reported on September 9.
"After China joins the WTO, it will definitely be a member that acts responsibly and has a constructive effect," Long Yongtu, China's pointman on WTO negotiations, said in Xiamen on Saturday.
"While enjoying the benefits of being a member of the WTO, China will also perform its relevant duties and abide by the rules of the WTO," Long was quoted as saying at an investment and trade conference in China's southern city of Xiamen.
China will need to slash existing trade tariffs and open up key sectors to foreign investment after it joins the WTO, which is expected in early 2002 at the latest.
Long said China would speed up its reform of the insurance, banking, telecommunications, commercial and travel services industries, the newspaper said.
China's WTO Application to Be Approved This September
According to International Herald Tribune September 5, the applications for WTO entry of China's mainland and Taiwan Province are predicted to be approved by concerned work groups on September 13, 14 respectively.
Following the approval procedures, 142 WTO member countries will hold a ministerial meeting and formally sign an agreement in Dacca in early November. And then China's mainland and Taiwan will accept relevant articles and acquire formal WTO membership 30 days later. China will probably realize its 15-year long aim before yearend except for unexpected matters.
Source: China Daily
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