Addressing a seminar on WTO and economic security, which openedhere Tuesday, Li Shishi, Deputy Director of Legislative Affairs Office of the State Council, noted that China's accession to WTO has brought challenges as well as opportunities for domestic companies. To survive fierce international competition, companies should spare no efforts to build up their creditworthiness and improve the quality of their products.

Tong Zhiguang, President of the China WTO Research Institute, noted that the entrance is certain to have some impact on China's economic development, especially on some industries. The government should take measures to offset the negative effects andsafeguard its economic security.

"The first and foremost thing for China now is to get familiar with the way the WTO rules work, to follow these rules when doingbusiness and to use them to protect its interests," said Tong.

He expressed his belief that China has made great progress in setting up new legislation to fit in with international standards.So far, China has amended more than ten laws and abolish some 2,000 rules inconsistent with WTO rules.

More than 100 government officials, economists and entrepreneurs attended the two-day seminar, which was jointly sponsored by organizations including the China WTO Research Institute and China Enterprises Investment Association.

(Xinhua News Agency July 17, 2002)