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Chinese Businesses Urged to Prepare Well for WTO
Chinese businesses and governments at all levels must adjust their mentality and take action for China's foreseeable admission into the World Trade Organization (WTO).
This remark was made by Long Yongtu, China's chief WTO negotiator, at a high-ranking forum on the WTO and China's economy held in Guangzhou, capital of south China's Guangdong Province Monday.
According to Long, China has finished all the required negotiations for joining the world trade club and is expected to become a member of the organization by the end of the year.
China's admission into WTO will bring Chinese businesses both opportunities and challenges, said Long, who warned of major changes in the external environment for Chinese businesses.
"In drafting plans and adjusting product mix, different manufacturers should have a view of globalization and pay close attention to changes in the world situation, especially the economic situation," said Long, emphasizing that there is no need to worry or panic as the changes will be step by step and businesses have enough time to take action.
While stressing the necessity of enhancing the awareness of the rule by law and constructing a credibility system, Long went on to explain that China has made the commitment to extensively opening up the market to join the WTO and will gradually open up service trades such as the finance, telecom and retail sectors.
Long predicted that major developments will be made in China's service trade following the country's admission into the WTO.
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