China's Entry to WTO Brings About Economic Opportunities for World

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Last updated at: (Beijing Time) Monday, September 30, 2002

China's Entry to WTO Brings About Economic Opportunities for World

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Governor of the People's Bank of China Dai Xianglong Sunday said China's accession to the World Trade Organization (WTO) has not only contributed to a strong growth in China but will also bring about new opportunities for growth in other countries in the region and the world as well.

Dai made the remark at the annual meeting of the World Bank and the International Monetary Fund (IMF) on Sunday. Dai said over the past two years, the Chinese government has adopted accommodative policies to stimulate domestic demand, which include a proactive fiscal policy and sound monetary policy.

The Chinese government has achieved a fairly rapid economic growth, a stable RMB exchange rate and a substantial increase in foreign exchange reserves, said Dai.

By August this year, foreign direct investment had increased by34.4 billion US dollars, an increase of 25.5 percent compared with the same period last year, said Dai, adding that the total imports had reached 183 billion dollars, an increase of 14.5 percent.

The authorities of Hong Kong Special Administrative Region and Macao Special Administrative Region have taken firm steps to maintain social stability and promote economic development since China resumed its exercise of sovereignty, said Dai.

Now they both enjoy a more dynamic economy and we are fully confident about their future development, Dai said, adding that experience has shown that the principle of "One Country, Two Systems" has been a success.

As to the globalization, Dai said "We believe, in the process of globalization, attention should be focused on protecting the interests of developing countries, especially those of the least developed countries, to prevent them from being marginalized."

Should the rich become richer and the poor poorer as a result of globalization, the unfairness must be addressed since such an imbalance is not at all in the interests of development for all the people in the world, Dai said.

"In the context of global economic and financial integration, we call for establishing a fair and rational new world economic order and international trade system, reforming and improving the present international monetary system," said Dai.

In particular, the developed countries should strengthen their policy coordination and maintain stable exchange rates, said Dai.

He said that the developed countries should vigorously carry out the initiatives of the Monterey Consensus through further opening their markets to the developing countries and providing sustained and sufficient financial and technical assistance to help them improve their capacity for self-development and reducing poverty.

"We appreciate the commitments made by the EU in this regard and urge other major developed countries to assume their share of responsibility," said Dai.

International institutions, including the Fund and the Bank, should build on their current efforts, increase financial and technical assistance to developing countries and help those members sustain debt levels, said Dai.

"To achieve the Millennium Development Goals, we should continue to enhance ownership and stress development as a priority," said Dai.

Whether or not a country enjoys ownership in designing its development strategy tailored to its own specific situation has a bearing on the ultimate outcome of that country's development, said Dai.

The Chinese government firmly opposes all forms of terrorism, and supports and implements the resolution of the UN Security Council on combating the financing of terrorism, said Dai.

The Chinese government is actively participating in the international cooperative effort to combat terrorism, said Dai, adding that China has set up special units in charge of anti-money laundering and combating terrorism, and has drafted relevant laws and regulations, said Dai.

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