Long Yongtu, China's chief negotiator for WTO-related talks, made the comment when speaking at the 13th International Business Leaders' Advisory Council for the Mayor of Shanghai, which opened here Sunday.

"China has always been as good as its word," Long said. "It is one of the most important ethical standards in China that Promises Must Be Kept and Action Must Be Resolute."

Long said that China has come to the final stage of entering the WTO and that its solemn commitment to WTO membership has drawn worldwide attention.

China has promised to keep to the international rules not only for joining the rules-based global trade body but, more importantly, also for building a socialist market economy in this country, Long said, noting that the promise will help to build a more standard market economy and to create a transparent, stable and foreseeable legal environment.

Such a legal environment is of crucial importance for winning the confidence of the world business sector and attracting more overseas investors to China, Long said.

Long said China has promised to keep to international rules with the expectation that all other countries will treat China in line with international rules and do away with any discriminatory treatment of the nation.

Long said that China's promise of step-by-step market opening represents its willingness to further open to the outside world.

More than two decades of opening up has greatly benefited the Chinese people while providing overseas investors with enormous business opportunities, Long said.

"We believe in the win-win principle when it comes to market opening," Long said.

China has been opening its market gradually, Long said, stressing that the speed and extent of the opening must be suited to the development level of the nation.

This is the main reason why China, when engaged in WTO-related talks, has been insisting on its status as a developing country, Long said, adding that such a stance is in the interests of both China and overseas investors.

Shanghai Mayor Xu Kuangdi informed the participants of his city's preparations for WTO accession, saying that the city is focusing on further improving market order.

Entrepreneurs and experts from Singapore, Japan, Britain, Canada, Brazil and other countries spoke at the meeting which had the theme "the Opportunities and Challenges Facing Shanghai after China Enters the WTO".

The International Business Leaders' Advisory Council for the Mayor of Shanghai was initiated in 1989 and has since been held once a year.

The number of council members has increased to 36 from 15 countries compared with 12 from seven countries at its founding.

( November 5, 2001)