返回Good afternoon, everyone,
Twenty days later, China will officially become the 143rd member of WTO. Just as Director-general of WTO, Mr. Mike Moore says, "it's a historical moment both for WTO and China".
As many now believe, its efforts to join the global trade organization have taken fifteen years, much longer than the application process of any current WTO member. China's great efforts for WTO membership is a testimony of its importance to the Chinese economy. It would not be an exaggeration to say that if Mr. Deng Xiaoping's economic reform and open door policy marked China's opening to the world, then China's accession to the WTO marks its entry to the world.
Firstly, WTO membership will give China a more access to foreign markets because it will reduce disruptions in foreign trade that are caused by unpredictable policy shifts. Given this, China will be in a better position to attract foreign investors who use China as their export platform. In addition, it will attract foreign investors who feel more secure about developing China's domestic market. Regardless of whether it is export-oriented or attracted by the huge domestic market, foreign direct investment not only brings in additional capital, but more importantly management, technology, market information, and global production and distribution networks that link China more tightly to the other economies.
Secondly, China's accession also will become an engine of its economic reform under a rule-based framework. The state-owned enterprises are powerful force against China's march toward a market economy. It would not be an exaggeration to say that the bilateral and multilateral agreements behind China's accession to the WTO are a summary statement of the China's economic reform in the next decade or so. They not only constitute a road map for economic reform in the coming decade, but as international treaties they also serve as the country's commitment to the country's systematic reform and restructuring of the national economy.
Thirdly, the economic benefits derived from China's WTO membership are not confined to static gains in efficiency from the re-allocation of resources among industries and among firms. In the long-run, dynamic gains from increased competition brought about by China's entry into the WTO will be even more important.
However, when we are hailing China's successfully entering into the WTO, we should be very clear that it's not the end of our work, but the very beginning. There coexist opportunities and challenges, if we want to grasp the late-coming opportunity, we should do our homework better.
That's my opinion about China's entry into WTO, thank you.
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