Zhu made the remarks in his speech entitled "Working Together for Further Growth of World Trade" delivered at the Fourth Conference of World Trade Promotion Organizations, which opened Thursday morning in China's capital Beijing.

China has done a lot to fulfill its WTO accession commitments and will continue to carry out its obligations while exercising its rights, Zhu said.

The country has lowered its overall tariff level from 15.3 percent to 12 percent and removed certain non-tariff measures such as import quota, licensing and specific bidding administration since the beginning of this year.

More than 2,200 pieces of foreign-related laws and regulations have been reviewed with some of them either being abrogated or amended.

Moreover, the country has reformed the administrative approval system, resulting in a smaller number of items subject to such process.

China will continue to open up, step by step, its service sector in such industries as banking, insurance, telecommunications, trade and tourism to foreign investment, Zhu said.

With the accelerated opening-up of the service sector, a considerable number of foreign banks, insurers, professional service providers and logistic firms have been allowed operation in China's market.

The country will regulate government activities in line with the principles of uniformity of law, non-discrimination, openness and transparency and create a level playing field that is more fair, transparent and predictable for domestic and overseas enterprises, he added.

China is building a foreign trade regime and operating mechanism consistent with international practices, improving financial tools such as export credit and credit insurance, and establishing a support system that would serve the "Go Global" strategy by helping Chinese enterprises to explore the overseas market, Zhu said.

A more open and prosperous Chinese economy will not only benefit the Chinese people but also offer immense business opportunities to the world, he said.

China does hope that more and more foreign investors will come here, Zhu said, adding that they will find in China a stable social and macroeconomic environment, a bright economic prospect and a huge market with unlimited potential.

He expressed his hope that the China Council for the Promotion of International Trade will continue to make best efforts to develop mutually beneficial cooperation with its counterparts in promoting the world economy and trade.

(People's Daily May 17, 2002)