Shi, co-chairman of the 13th Asia-Pacific Economic Cooperation (APEC) Ministerial Meeting, made this remark in an address at a dinner hosted by the Pacific Basin Economic Council (PBEC).

The Chinese National People's Congress and its Standing Committee have approved the newly-amended laws on Chinese-foreign equity joint ventures, Chinese-foreign contractual joint ventures, and foreign-capital enterprises, the minister said. Meanwhile, the ministries concerned have revised or abolished about 2,300 relevant laws and regulations, he said.

China will further improve government functions, efficiency and service, crack down on fake products and protect intellectual property rights, he said.

China will create a more stable and transparent law environment for foreign businessmen to conduct economic cooperation, Shi said.

China will continue to cut its tariffs and phase out non-tariff measures after its WTO entry, while opening up its financial, insurance, telecommunications, foreign trade, commercial, transportation, construction, tourism and intermediary sectors, he said. It will allow overseas businesses to set up equity or contractual joint ventures and solely-funded enterprises in these sectors in accordance with relevant Chinese laws, Shi added.

The minister said that China's WTO entry would create more opportunities for regional development and cooperation, and will play a positive role in promoting stability and development in the region and the world as a whole.

The region accounts for 70 percent of China's foreign trade and foreign investment in the country, according to Shi. China's WTO entry will be a win-win deal for both China and the region, he said.

(China Daily October 17, 2001)