Good afternoon, everyone,
Twenty days later, China will officially become the 143rd member of WTO. Just as Director-general of WTO, Mr. Mike Moore says, "it's a historical moment both for WTO and China".
As many now believe, its efforts to join the global trade organization have taken fifteen years, much longer than the application process of any current WTO member. China's great efforts for WTO membership is a testimony of its importance to the Chinese economy. It would not be an exaggeration to say that if Mr. Deng Xiaoping's economic reform and open door policy marked China's opening to the world, then China's accession to the WTO marks its entry to the world.
Firstly, WTO membership will give China a more access to foreign markets because it will reduce disruptions in foreign trade that are caused by unpredictable policy shifts. Given this, China will be in a better position to attract foreign investors who use China as their export platform. In addition, it will attract foreign investors who feel more secure about developing China's domestic market. Regardless of whether it is export-oriented or attracted by the huge domestic market, foreign direct investment not only brings in additional capital, but more importantly management, technology, market information, and global production and distribution networks that link China more tightly to the other economies.
Secondly, China's accession also will become an engine of its economic reform under a rule-based framework. The state-owned enterprises are powerful force agains
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