Chinese Vice-Premier Wu Yi Monday said a multilateral trading system will contribute to China's prosperity if the new round of global trade talks can address development issues effectively.

"China has always participated in the Doha Development Agenda actively. But at the same time, we must take full consideration of our specific conditions," Wu said at the WTO (World Trade Organization) and China 2003 Beijing International Forum. The Doha Development Agenda, the name for the new round of trade talks, was launched in 2001 in the Qatari capital.

China has set a target of building up a well-off society in an all-round way by 2020, with the gross domestic product (GDP) for 2020 twice that of the year 2000, hence lifting the country's per capita GDP to US$3,000.

"During the process of construction of China's well-off society, the nation needs a fair and rational internationally economic order, and constructive results from the Doha Development Agenda; and, as well, it must participate in, strengthen and develop the multilateral trading system much more aggressively than ever before," said Shi Guangsheng, former trade minister. He is now vice-chairman of the Financial and Economic Committee of the National People's Congress.

Supachai Panitchpakdi, director-general of the WTO, was also at the conference. Supachai came to Beijing to exchange opinions with Chinese officials on the new round of WTO trade talks. The negotiations are at an impasse after a WTO ministerial meeting in Cancun in September failed to yield satisfactory results, largely due to the differences between developing and developed members.

"More than ever we need China to join in with other members to put the round back on track to move it forward," Supachai said.

China is expected to be the world's fourth biggest trading nation and third biggest importer by the end of this year.

China is still a developing country, but its rising stature on the global economic stage makes it an important member of the WTO, Supachai said.

"At this time, when the WTO faces an impasse, we need China to use its influence, to be a bridge between developed and developing member economies."

At a press conference, also held yesterday, Supachai said he was encouraged by Chinese hosts' constructive attitude towards the talks.

He said he has seen signs that the trade talks could resume, as major developed players and many developing members, have all reiterated their intention to get involved.

Despite the setback in Cancun, Supachai said the Doha round of talks still have a good chance to succeed if the members are seriously committed to the process.

All the economies involved will lose if the trade talks do fail, he warned.

Supachai also expressed his worries about the rising efforts of many countries to establish bilateral and regional trade agreements. He calls the trend a risk because these arrangements, which are distracting attention from the WTO talks, can make trade relations for many countries very complex.

(People’s Daily November 11, 2003)