The Ministry of Foreign Trade and Economic Cooperation (MOFTEC) predicted recently that China will end its status of observer in World Trade Organization (WTO) and become an official member by the end of this year.
In its annual white paper on foreign trade to release soon, MOFTEC affirmed that China’s entry into WTO is unavoidable amid the ongoing economic globalization, and China’s policy of reform and opening-up.
The 2000 China’s White Paper on Foreign Trade and Economic Cooperation said China should make full preparation for the challenges after entry into WTO and take initiatives to compete in the world market. Chinese enterprises, especially the state-owned enterprises, should speed up reforms as soon as possible.
Moreover, the white paper predicted that the world economy is expected to continue its positive growth to achieve a growth rate of 4.2 per cent by the end of this year. The inflation and unemployment rates will keep low.
It added that with all these positive elements, China’s foreign trade is set to reach US$400 billion this year.
However, the white paper points out that some obstacles, such as the rising neo-protectionism, the bubble of US stock market and growing oil prices, should not be neglected.
(China Daily)
