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China is opening further by reducing tariffs, says a signed article in People's Daily. An excerpt follows: China will further cut import taxes on some cars and auto parts as of July 1, meeting tariff-reduction commitments made on the nation's accession to the World Trade Organization (WTO) in 2001. This reduction signals that the five-year period of protection to domestic auto-makers will come to an end. A country's general tariff level indicates the openness of its market. China has largely complied with the tariff-reduction commitments made on its WTO accession, cutting its general tariff level from 15.3 percent to 9.9 percent over these past five years. China's reduced tariffs are an indication of its determination to further open itself to the world and further integrate itself into the global economy. Last year China's total foreign trade volume reached US$1.4 trillion, including US$660 billion in imports. China's total foreign trade volume was just US$509.7 billion in 2001. At the same time, the country fully complied with the commitments made on its WTO accession to revise related laws and regulations, and gradually open its telecommunication, legal, accounting, healthcare and education sectors to foreign capital. Foreign direct investment in China now exceeds US$620 billion. More than 550,000 foreign companies have so far opened businesses in China. Last year alone, China's banking, insurance and securities sectors attracted an unprecedented US$11.8 billion in foreign investment. As more and more foreign enterprises open branches and stores here to compete with their Chinese counterparts, ordinary consumers are enjoying better products and services. China's greater opening to the world also propels Chinese enterprises into the international market. China's direct investment in foreign countries increased at annual rate of 36 percent from 2002 to reach US$17.9 billion in 2005. More and more advanced enterprises are developing into transnational enterprises that incorporate research, production, sales and service both at home and abroad. Lowering tariffs and opening the market are not only China's commitments to the world but also a wise choice in the context of economic globalization. Further reform and opening will guarantee China's further development. (China Daily June 30, 2006) |
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