China, impetus to world economy: Minister of Commerce

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Last updated at: (Beijing Time) Friday, December 12, 2003

China, impetus to world economy: Minister of Commerce

The opening-up of China's market has not only promoted the development of the Chinese economy but also effected an impetus to the world economy, Lu Fuyuan, Chinese Minister of Commerce said.

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The opening-up of China's market has not only promoted the development of the Chinese economy but also effected an impetus to the world economy, Lu Fuyuan, Chinese Minister of Commerce said at the second anniversary of China's entry into the World Trade Organization (WTO).

Lu said, over the past two years, the Chinese government has all along adhered fully to its commitments to the World Trade Organization with a serious and responsible attitude. As regards goods trade, China has cut its tariff by a large margin. Till the year 2003, the tariff on agricultural produce has been reduced to 16.8 percent and the average tariff on industrial products from 14.7 percent to 10.3 percent while most non-tariff measures have been cancelled. As for trade of services, China stuck to its commitments on opening-up and initiated opening-up ahead of schedule in such fields as insurance and tourist services.

According to Lu, the responses done by China in the first two years of the interim after China's WTO accession has gained a periodic achievement. However, as the interim shortened and saw an end, such fields as automobile and agriculture will face greater impact. In addition, a variety of trade protectionism has been intensifying. Ahead of China is not an even road but are stricter tests and severer challenges. To cope with these China will continue its serious adherence to its WTO commitments, perform its rights as a member and enhance its responsive ability to make new contributions to a sustainable, rapid, coordinated and healthy development of the nation's economy.

After joining the WTO, China has fully performed its rights as a member, participating in the formulation of international rules. At the Fifth WTO Ministerial Conference held in Canc��n, China cooperated closely with other developing countries, strengthened the positions and roles of developing countries in the World Trade Organization, and this contributed a lot to creating a healthy international environment for fully building an all-around well-off society, and maintaining the multilateral trade system. China's constructive role in the World Trade Organization also received praises among a large number of WTO members.

By PD Online staff member Gao Lanrong

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