Over the past six months China's entry into the World Trade Organization (WTO) has created a win-win situation for both China and the rest of the world, a senior Chinese trade official said on August 17.
Long Yongtu, vice-minister of foreign trade and economic cooperation, made the statement at an insurance conference attended by Chinese insurers worldwide, which is being held in Dalian, a port city in northeast China's Liaoning Province.
China has kept its commitment to the WTO through opening up its domestic market, Long said.
The first half of 2002 saw a double-digit growth in both imports and exports in China. Statistics show that the total import and export volume during the time exceeded US$270 billion.
In addition, China attracted a total of US$44 billion in foreign investment during the first six months of this year, up 31.5 percent over the same period last year.
According to Long, one quarter of foreign investment in the period went to the service sector.
The investment created more job opportunities for local residents and will certainly bring benefits to foreign investors. This can be called a win-win situation, he said.
In Beijing, China has started discussions with Russia, which is pursuing WTO entry, on opening their domestic markets to each other. Long said China expects Russia to enter WTO as soon as possible.
In keeping with its commitment to the WTO, China will gradually lift the ban on foreign insurance companies entering China's market, Long said, adding that China's insurance companies will strengthen cooperation with counterparts around the world.
(China Daily August 18, 2002)
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