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Outcome of China's Accession to WTO Is Win-Win, Says Long
The outcome of China's accession to the World Trade Organization (WTO) will be marked with the feature of a "win-win" and "all-win" for China and the world as well, Chinese chief negotiator Long Yongtu said Monday in Geneva.
At the 18th session of WTO Working Party on China which concluded here Monday, Long said that as for the rest of world, after China's accession, the great potential of China's market will be gradually translated into actual purchasing power, so as to provide a huge open market to all countries and regions in the world.
As for China, he said, it will further improve the market economic system to be in line with the current international rules and the principles of the WTO.
The Chinese chief negotiator reiterated that China will, in light of the WTO principle of market opening on reciprocal basis, strength its economic and technological cooperation with all the WTO members including developing members.
China's economic reform towards market economy and its policy of further opening-up will greatly accelerate the country's modernization drive and enhance its ability to participate into international economy, he added.
Long noted that it has been an unprecedented challenge to China and to the multilateral trading system to bring a developing country in transition from planned economy to market economy into the multilateral trading from planned economy to market economy into the multilateral trading system.
Long undertook that while enjoying its rights, China will strictly abide by WTO rules and conscientiously implement its commitments in accordance with the principle of balance between rights and obligations. China will make every contribution for the strengthening of the multilateral trading system in economic development.
The 18th working party session concluded here Monday adopted all the legal documents on China's WTO accession. And the Working Party on China's accession to WTO, which was established in March 1987, has therefore completed its historical mission of 14 and a half years.
The package agreement on China's accession will be submitted to WTO General Council and later to the WTO Ministerial Conference in Doha in November for review and adoption.
China will then become a WTO member after necessary legislative procedures.
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