China's economic development needs the facilities of the World Trade Organization and the WTO needs China's membership to make it more global, Ta Kung Pao said in its editorial yesterday. Excerpts follow:
With its accession to the WTO, China will abide by the internationally accepted code of practices and try to perfect its market economy mechanism.
Since it will be granted the most favored nation treatment by all WTO member states, China will also be able to improve its national economy and the international environment for its foreign trade. It will open more economic sectors to foreign investment and more actively participate in international competition and division of labor, which are conducive to the sharpening of its competitiveness and the acceleration of economic restructuring.
On the other hand, WTO membership also means unprecedented challenges to certain industries and enterprises for which China must be prepared. It is crucial for the Chinese people to change their mentality, strengthen their legal awareness and start all work on the basis of law.
Chinese mainland's accession to WTO is good news for Hong Kong which is bound to benefit from the abundant business opportunities to be created.
Taiwan will also gain WTO membership soon. This will give rise to new opportunities in trade development and cooperation across the Taiwan Straits; effectively facilitate the direct, bilateral and mutually beneficial "three links"; and hence pave the way for the early realization of reunification.
(China Daily September 20, 2001)
