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China enters WTO with high hopes for reform
China joined the World Trade Organization on Tuesday, ending a 15-year quest and ushering in a new era of reform for the world`s most populous nation.
China joined the World Trade Organization on Tuesday, ending a 15-year quest and ushering in a new era of reform for the world's most populous nation.
But optimism was tempered by concern, as trading partners question China's ability to meet its WTO pledges and officials fear painful reforms could threaten social unrest. Foreign investors have waited expectantly for the opening of the world's largest potential market of 1.3 billion people, while China hopes greater integration with the globe will complete its transition to a market economy.
Chinese officials pledged to abide by the country's WTO commitments, and would send a delegation and ambassador to the trade body's headquarters in Geneva, Switzerland, the Xinhua news agency said on Tuesday.
"China will enjoy all the rights the WTO gives to other members, and will observe the WTO regulations and its obligations to the organization," it said, quoting a trade ministry official.
Entry to the WTO marks a major victory for China in a trophy year capped by Beijing winning the 2008 Olympics and Shanghai hosting the Asia Pacific Economic Cooperation leaders summit for the first time. Some argue the change spurred by WTO will extend beyond the economic arena to bring political pluralism.
The challenge for China in managing the change is enormous. Bureau Reform
But optimism was tempered by concern, as trading partners question China's ability to meet its WTO pledges and officials fear painful reforms could threaten social unrest. Foreign investors have waited expectantly for the opening of the world's largest potential market of 1.3 billion people, while China hopes greater integration with the globe will complete its transition to a market economy.
Chinese officials pledged to abide by the country's WTO commitments, and would send a delegation and ambassador to the trade body's headquarters in Geneva, Switzerland, the Xinhua news agency said on Tuesday.
"China will enjoy all the rights the WTO gives to other members, and will observe the WTO regulations and its obligations to the organization," it said, quoting a trade ministry official.
Entry to the WTO marks a major victory for China in a trophy year capped by Beijing winning the 2008 Olympics and Shanghai hosting the Asia Pacific Economic Cooperation leaders summit for the first time. Some argue the change spurred by WTO will extend beyond the economic arena to bring political pluralism.
The challenge for China in managing the change is enormous. Bureau Reform