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Long Yongtu: WTO Entry Will Benefit Hong Kong's Economy
China's impending entry into the World Trade Organization (WTO) will benefit the economy throughout the world and be good for Hong Kong economy that sees a close relation with China's inland areas, said Long Yongtu, vice-minister of foreign trade and economic co-operation, chief negotiator for WTO entry with Hong Kong news authorities in Beijing September 29.
Long said that after a long and arduous endeavor, legal documents regarding China's accession to WTO have been completed and the formal procedures will be finished at the Doha negotiations in coming November. This is a piece of stimulating news for the global economy in the course of readjustment.
Long expressed his thanks to Hong Kong's efforts for China's WTO entry. He pointed out that China's mainland has been in close contact with Hong Kong in economy. As the most important investment source and trade partner for China's mainland, Hong Kong has made great contribution to and benefited from the reform and opening up of China's mainland to the outside world. After China's acceptance into WTO, Hong Kong SAR, also to be a member with the subsidiary status, will be further benefited from the perfecting and opening courses of China's market economy. Especially in service industry, businessmen from Hong Kong will win more trade opportunities by giving full play to Hong Kong's advantage of a convenient location, culture, language and the like.
By PD Online staff member Huang Ying
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