Since joining the World Trade Organization (WTO) in late 2001, China has strictly implemented WTO commitments and performed remarkable achievements in five main areas.

Shi Guangsheng, executive vice-chairperson of the World Economic Development Declaration Conference (WEDDC) said in the past two years, China has worked to create a good economic and legal environment, identifying rights of central and local governments, strengthening protection of intellectual property rights and ensuring high transparency of China's progress to WTO.

He said China was gradually reducing tariffs according to WTO commitments. By January 2004, China's average tariff will reduce from 15.3 percent in December 2002 to around 10 percent.

Meanwhile, China will further open markets. It will increase the openness of the service industry, by establishing joint venture enterprises in transportation, construction and tourism, he noted, adding that by the end of June 2003, there were 182 operational institutions in China run by foreign banks and the total assets of foreign insurance companies in China reached 19 billion yuan (US$2.4 billion).

After joining the WTO, China has the right to speak in the construction and development of world multi-trade system.

China is playing an active role in setting up a new international economic order. In the past two years, the country tried to protect developing members of the WTO and strengthened communication with developed members, Shi said.

Joining the WTO was also beneficial for the growth of China's social market economy. In the past two years, China's market economy and competition consciousness increased, which will play a crucial role in the country's future economy, he added.

Shi also acknowledged that after joining the WTO, China's economy maintained a strong momentum, which not only laid a strong foundation for China's future development but also provided a new driving force for world prosperity and human development.

(Xinhua News Agency November 7, 2003)