"Most of our enterprises have the courage to face the reality of a globalizing world economy,'' Vice Foreign Trade Minister Long Yongtu said.

He made the remarks during the opening plenary of the World Economic Forum's China Business Summit.

The summit, which celebrates its 20th anniversary this year, will focus the discussions of its 2001 meeting on China's role in the era of globalization.

"It (globalization) is a historic trend that you cannot avoid. Your only choice is to participate,'' Long said.

Long said China sees both benefits and risks in joining the WTO, but the "benefits are definitely greater than the risks.''

He said China's joining the trade body will make its enterprises more competitive. Benefits for the firms will also include a more stable international trade environment, a more mature legal system and a more ideal social order, he said.

But he gave no date for China's expected entry.

There are still obstacles for the entry into the WTO, such as disagreements between China and some WTO members on China's agricultural subsidies.

Foreign Trade Minister Shi Guangsheng said last month that the entry is not "far off'' and is a "forgone conclusion.''

For foreign business people, China's entry into the WTO will mean more opportunities to "prosper through China's prosperity and to learn about the nation,'' said New York Stock Exchange Chairman Richard Grasso.

Having already embraced 21 Chinese enterprises, the New York Stock Exchange welcomes more Chinese firms to be listed there and hopes to forge a "strategic partnership'' with Chinese companies, Grasso said.

He was echoed by Harry Roels, group managing director of the Royal Dutch/Shell Group of Companies, who said it is important to have a long-term relationship with China.

The expectation for more opportunities was affirmed by Long, who said China will adopt a more open-minded policy to welcome foreign investors to China.

Long also said China supports the start of a new round of WTO trade talks.

He emphasized that the new trade round should favor developing countries.

The China Business Summit is scheduled to close on Thursday.

(China Daily 04/18/2001)