The remarks were made by Shi Guangsheng, China's minister of foreign trade and economic cooperation.

The 12th session of the Working Party Meeting on China's WTO entry will begin in Geneva next week to finish preparing all the relevant legal documents, said the minister, who was in Melbourne as the only high-ranking Chinese official attending the Asia-Pacific Summit of the World Economic Forum.

"China's entry into the WTO will undoubtedly inject new vigor and vitality into the economy in the Asia Pacific region and the world as a whole," Shi said. Shi promised China will quicken the pace of its opening up to the outside world after entering the WTO.

In fact, he added, China has been busy preparing to better fulfill its duties.

In recent years, China has lowered its import tariffs nine times. These have dropped from 43.2 percent in 1992 to 17 percent today.

The tariff on imported industrial products has been reduced to 15 percent and will see a further cut to 10 percent in 2005. The country also plans to reduce and eventually eliminate all non-tariff barriers. These are policies favoring state-owned enterprises such as the restricting of foreign-funded enterprises.

Foreign investors will enjoy the same treatment as domestic enterprises.

"Just imagine, the market potential is huge," said Shi, who told CEOs at the forum that in the next 10 years or so, China will import goods worth US$2.5 trillion.

Meanwhile, a sound legal system for foreign trade will be established, which will be more straightforward and transparent, said the minister.

Shi said China is carrying out a comprehensive check of all foreign-related laws with a view to amending them if necessary.

The improved foreign trade management system will be designed to conform with international laws and rules and will be easier to understand by foreign companies.

Globalization has become a controversial topic at the forum, which has been stirred up by demonstrations outside the Crown Tower Hotel where the World Economic Forum summit is being held.

Shi said economic globalization is an inevitable trend of the world economy.

"No country or area can afford not to be part of it," he said "The only question remains is how we can participate in it."

He said globalization is in the interest of everyone as it will enable world resources to be more effectively used. China will actively participate in this process with the aim of strengthening its economic power and striving to get a better return from this process, said Shi.

However, he agreed more attention should be paid to some of the problems society must deal with, such as protection of the environment, narrowing the gap between the rich and poor, and creating more jobs.

(China Daily)