Chinese FM Reiterates to Fulfill WTO Obligations

Visiting Chinese Foreign Minister Tang Jiaxuan reiterated in Johannesburg, on Tuesday that China will earnestly fulfill its obligations within the World Trade Organization (WTO) while enjoying its rights.

With its official accession into the WTO at the end of last year, China will take part in international economic cooperation and competition with "a wider and deeper involvement", Tang said while addressing more than 200 South African businessmen at a gathering arranged by the South African African-Asian Society.

"China is a responsible country," Tang stressed, while pledging that the country will open up step by step a wide range of sectors such as financial services, insurance, telecommunications, trade, commerce, transportation, construction, tourism and intermediary services.

"We will vigorously explore new ways and means for the use of foreign capital," he said. "We will allow overseas investors to set up joint ventures, cooperative ventures or wholly-funded ventures in the above-mentioned sectors in accordance with the relevant laws and regulations of China and gradually lift the geographical restrictions for such operations."

Moreover, China will adopt open, transparent and equitable trade and investment policies, continue to improve the investment and business conditions, encourage fair competition, accord national treatment where needed and further strengthen the protection of intellectual property rights and all the legitimate rights and interests of overseas investors, the minister said.

Tang stressed the importance of maintaining exchanges between countries, saying no country "can afford to stay away from the general course of global economic and technological developments".

"Every country needs to trade in the global market," he said. " Therefore, China will timely adopt the reform and opening-up policy."

"In short, a prospering China adamant in reform and opening up will offer more opportunities for mutually beneficial cooperation with other countries and will surely contribute more to the global cause for peace and development," Tang noted.

Briefing on China's development prospects, Tang said the next five to ten years will be a significant period for China to achieve the goal of maintaining sustainable development.

It is expected that in the next few years to come, a 7-percent annual economic growth will be maintained and hopefully by the year 2010, China's Gross Domestic Product (GDP) will reach 2 trillion US dollars, according to Tang.

The Chinese economy sustained the momentum of rapid growth, high efficiency and low inflation in the past year despite the slowdown of the world economy. According to estimates, the Chinese GDP in 2001 reached 1.1 trillion US dollars, with a growth rate higher than the projected 7 percent.

Also on Tuesday, South African President Thabo Mbeki met with Tang in Pretoria and discussed with him ways of promoting bilateral relations and cooperation in meeting challenges facing developing countries.

Both sides pledged to work together to facilitate peace and development on the African continent.

Tang arrived in South Africa on January 12 on an official visit.

(Xinhua News Agency January 16, 2002)