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China's long-awaited accession to the World Trade Organization (WTO) is not far off, although the exact date of entry is still very hard to predict, said Shi Guangsheng, minister of foreign trade and economic co-operation Tuesday in Beijing.
"China has signed bilateral agreements with basically all WTO members that have demanded bilateral agreements with China,'' said Shi at a press conference held for the on-going Fourth Session of the National People's Congress (NPC).
Shi said it is up to WTO members, not China alone, to decide on the exact timetable for China's accession.
Shi said negotiations would be brought to a resolution so long as all parties make concerted efforts.
He denied the rumors that China would become a member of the WTO this October, saying that it is very hard to predict an exact timetable.
"China's firm determination to join the WTO has remained unchanged, and we have been consistently negotiating with the members to resolve remaining issues," said Shi.
"All the member economies and their business circles are looking forward to China's entry into the WTO so that they can enjoy the benefits China's pledges bring with," said Shi.
At the moment, according to Shi, the major issues still unresolved concern the implementation of agreements on agriculture and industrial subsidies and market accession to certain service trades.
"The difficulties in resolving these problems mainly result from the fact that some member economies have asked for things that are beyond the reach of China as a developing country to provide," he said.
"Demands that have not been satisfied in bilateral talks cannot be met in multilateral talks," Shi told the press conference.
China's accession to the WTO will benefit the development of the Hong Kong Special Administrative Region (SAR) and the Macao SAR as they maintain and consolidate their positions as shipping, financial and trade and information centers, said Shi.
Responding to a question about China's trade prospects for this year, Shi said: "The growth rate of China's foreign trade this year is likely to slow down due to slowing global economic growth and the rapid growth of China's foreign trade in the past two years." However, stable growth would still be achieved, he added.
Shi extended an optimistic forecast for foreign direct investment (FDI) in the 10th Five-Year Plan period (2001-05), predicting an average annual inflow of US$40 billion.
He vowed that China will further open up its economy and make efforts to achieve the sustainable growth of foreign trade.
By 2005, the country's total annual imports and exports should be worth US$680 billion, and they should both be worth equal amounts.
After joining the WTO, China will set up a new foreign economic and trade system that will be compatible with international norms as well as conditions in China, he said, adding that local companies will also be encouraged to invest abroad in fields where China is at an advantage, a move that will allow the country to compete internationally.
Shi also argued that a legal system governing China's economic interaction with the rest of the world should be put in place, reflecting WTO rules and China's own circumstances.
Shi said China has not taken any discriminative measures against the import of agricultural products from the United States, and that China treats the import of agricultural products from all countries and regions in the world equally.
China earnestly abides by the rules of the Sino-US Agreement on Agricultural Co-operation and fulfills its commitments, and China has been carrying out the inspection and quarantine examination of imported US agricultural products, such as wheat, citrus fruits and tobacco, strictly in accordance with the Sino-US agreement, said Shi.
On Taiwan's WTO membership, Shi said its WTO entry following that of the Chinese mainland will help create more opportunities for economic development on Taiwan and for co-operation across the Taiwan Straits.
(China Daily 03/14/2001)
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