Top legislator Promises Good Business Environment for Australia

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Last updated at: (Beijing Time) Wednesday, September 18, 2002

Top legislator Promises Good Business Environment for Australia

Top legislator Li Peng Tuesday vowed to create a sound investment environment and more business opportunities for all overseas enterprises based on equality and mutual-benefit.

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Top legislator Li Peng Tuesday vowed to create a sound investment environment and more business opportunities for all overseas enterprises based on equality and mutual-benefit.

"China is adopting a series of measures to improve conditions for foreign investment and import," said Li, noting that China has adjusted a number of laws and regulations in order to meet the demands of the World Trade Organization (WTO).

Li, chairman of the Standing Committee of the National People's Congress (NPC), made the remarks when meeting Australian industry and business communities Tuesday in Canberra.

Li said that a review of relevant State laws and statutes has been largely completed, and a number of laws and regulations have been repealed, revised or formulated so that they are suitable to domestic conditions and WTO rules, and can guarantee fair and efficient enforcement.

Statistics showed that more than 2,300 laws and regulations have been amended to comply with WTO rules and 830 abolished since China joined the world trade body on December 11, 2001.

About 20 Australian entrepreneurs attended Tuesday's meeting.

The guest list included movers and shakers in Australian business, such as President of Woodside Petroleum Ltd Charles Goode and President of ACCOR Asia Pacific Corporation David Baffsky.

They showed strong support for the post-WTO Chinese market.

Ian Macfarlane, minister of Industry, Tourism and Resources, said that China's entry to the WTO is a significant event in the development of the world economy.

He also noted that China's substantial economic growth would provide bilateral economic and trade co-operations with more opportunities.

Li also attended a banquet held by Prime Minister John Howard yesterday and a ceremony at the Beijing Culture Festival held in Canberra which was also in honour of the 30th anniversary of the establishment of diplomatic ties between China and Australia.

Today, Li is to leave the capital for Sydney, the biggest city in Australia.

Before leaving, he is scheduled to meet Governor General Peter Hollingworth.

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