"The second year after accession is probably more critical than the first year," Christian Murck, chairman of the American Chamber of Commerce in China (AmCham-China) told Xinhua before the country marked its first WTO anniversary on Wednesday. "We will see how it goes."

Murck said AmCham-China remained optimistic about the future ofChina's market under the WTO regarding progress in fulfilling its commitments, reducing tariffs and further opening its vast market.

In its first year in the WTO, China has greatly improved transparency in its policy decision-making in compliance with the WTO principles. More and more government areas are releasing draft regulations for comments from general public before they finalize them.

So far, China has abrogated or revised more than 2,000 laws, codes and regulations that are not in compliance with WTO rules and cut its average tariff rate from 15.3 percent to 12 percent, according to the latest statistics released by the Ministry of Foreign Trade and Economic Cooperation (MOFTEC).

Those constituted two major "obvious accomplishments" China had scored after its first year in the WTO, Murck said. "Quite a lot of work has already been done by China to revise its existing laws and regulations and reduce tariff rates during the first year."

China celebrated its the first WTO anniversary on Wednesday, the very date last year it finally won membership after 15 years of marathon negotiations.

From the beginning, The Chinese government has pledged to strictly implement its WTO commitments while insisting on enjoying its rights provided for by the world's biggest trade organization. 　　

"For overseas firms and also for China, the most important thing about China's WTO accession is the indication of the country's resolve to further open its domestic markets," Murck said.

"Moreover," he added, "China is benefiting from the WTO accession with more foreign investment and lower prices for products."

He also acknowledged that AmCham-China would encourage investment from overseas had given China's progress in a year.

According to a survey conducted by AmCham-China and AmCham-Shanghai within their collective memberships in June this year, 77percent out of 208 surveyed member companies said that they planned to increase investment in China. Many of them are reconsidering their strategies in China and the opportunities they may have over the next five years.

"But we must remind foreign firms that it is an increasingly acute competitive market here," Murck said.

Comprising 726 member firms at present, AmCham-China provides services to its members and helps them acquaint with the business environment in China.

Media reports predict that China will expected to absorb over 50 billion US dollars in foreign direct investment (FDI) in 2002, overtaking the United States as the world's top recipient of FDI. 　　

Meanwhile, Shi Guangsheng, Chinese Minister of Foreign Trade and Economic Cooperation, said early this month that China's total imports and exports this year would top 600 billion US dollars and might edge the country into the fifth place in global trade rankings.

(Xinhua News Agency December 11, 2002)