During its first year of WTO membership, China has strictly carried out its promises in opening the domestic market and creating good conditions for foreign goods to enter China, a senior Chinese official said in Beijing Wednesday.
Delivering a speech at "The China Conference: The Year of Capital," Minister of Foreign Trade and Economic Cooperation Shi Guangsheng said so far this year China has sharply lowered the import tariffs on over 5,000 types of goods, and the overall level of tariffs has been cut from 15.3 to 12 percent.
Shi said China has cleared up some 2,300 foreign-related economic laws and regulations, further improving the legal environment. Laws and regulations governing finance, insurance, telecommunications, foreign trade, commerce, transportation, construction, tourism, securities, funds and other service areas have been created or revised, as the service sector has become a new attraction for foreign capital.
In addition, Shi said, China has made efforts in protecting intellectual property rights, treating bilateral and multilateral trade disputes in line with WTO rules, and training WTO-savvy corporate personnel.
He said that to adapt to the new situation of economic globalization, China will continue to promote all-round opening up to the outside world, which will provide better opportunities for foreign investors.
(Xinhua News Agency December 5, 2002)
