The framework agreement for the China-U.S. Business Partnering Program, signed by Yu Xiaosong, president of the CCPIT, which is also known as the China Chamber of International Commerce, and Thomas Donohue, U.S. Chamber of Commerce President, outlines the goals, functions and management structure that will enable businesses to expand their commercial relations and capitalize on the benefits provided by China's accession to the WTO.

The economies of the two countries are highly complementary, said Yu. With China's entry into the WTO, the prospects for future cooperation between China and the United States will be broader, he said.

However, only if the small and medium-sized enterprises of the two countries are provided with more practical and effective services, can the potential be translated into reality, Yu said.

Donohue said the United States, China and the world economy stand to benefit tremendously from China's accession to the WTO. But this potential can only be tapped if U.S. firms, especially smaller and mid-sized companies, have better market information, access to qualified potential Chinese partners, and the technical help to close profitable business deals, he said.

Both chambers said they are planning the new program as a collaborative initiative whose success will depend on raising corporate funding over the next 12 months.

With the collaboration between the U.S. Chamber and the CCPIT, this program could create a lot more business ties between the two countries, said Steve Van Andel, chairman of the U.S. Chamber of Commerce.

(People's Daily October 18, 2001)