Speaking at a time when negotiators in Geneva gave formal agreement on Monday for China's membership in the WTO ending 15 years of talks, Zhang affirmed the Chinese Government is now well prepared for the accession.

He told the opening of the Sino-European Business Congress at the Asia-Pacific Weeks Berlin 2001 starting on Monday that after the admission, China will timely perfect its legal system, promote public administration according to law, and better liberalize trade in goods and services.

The Chinese Government will also further protect intellectual property rights, foster an open, balanced and competitive market and promote steps in opening up infrastructure market such as energy and transportation, he said.

Zhang affirmed that as China maintains its current growth momentum by netting in a year-on-year climb of 7.9 percent in gross domestic product in the first half of this year with 4300 billion yuan (US$520 billion), the country's entry into WTO will open up new chances and huge growth in Sino-EU trade.

By claiming that Sino-EU trade last year reached US$69 billion with a year-by-year rise of 24 percent bringing EU into China's third largest trading partner after Japan and the United States, Zhang reiterated Sino-EU economic and trade cooperation has vast potential when EU is China's largest technology supplier and second largest source of foreign direct investment (FDI).

Though the 15-member EU enjoyed a total US$55 contractual investment in China up to last July, Zhang said its US$28.4 billion of actual input only accounts for 11.5 percent in China's FDI so far, leaving large spheres to develop.

Zhang proposed three major measures to uplift cooperation between China and EU, including productively developing trade in technology, bringing more EU enterprises to China through JVs, exports and after-sale services and encouraging Chinese firms to trade with and invest in the EU.

The Sino-European Business Congress was co-organized by the Asia-Pacific Forum Berlin and China's Ministry of Foreign Trade and Economic Cooperation.

Speaking at the opening of the business rally, German Economy and Technology Minister Werner Muller promised that the German economic circle is willing offer its full support for China's market transformation.

As Germany is showing more and more interest in China, he said, China's Qinghai-Tibet Railway construction, more airports expansion and others are providing chances for German businesses.

Muller added that by joining the WTO, China will assume its national and international responsibility in the trading body.

China's Minister of State Environmental Protection Administration Xie Zhenhua told the participants that China's demand of 700 billion yuan (US$84.6 billion) in the next five years at environment protection also pinpoints to a vast market for German enterprises to tap.

Meanwhile, Siemens AG president Heinrich von Pierer emphasized that Germany is showing respect to China's current stable conditions, and the 1,600-odd German enterprises operating in China are a sign of confidence in China.

He said the Chinese should be proud of its entry into the WTO, which is a cultivation of China's success in 20 years of reform and opening-up.

China's accession into the WTO will usher in a new era for China, the Asia-Pacific region and the world at large to develop, he said.

He noted that Chinese capital city Beijing's hosting of the 2008 Olympic Games is also a good demonstration of the recognition from the world community on China.

(China Daily September 19, 2001)