The Israeli government formally recognized China's full market economy status on November 1, according to the Ministry of Commerce.

Vice Minister of Commerce Wei Jianguo signed with Dinur, Director General of the Ministry of Industry, Trade and Labor of Israel, the Memorandum of Understanding on Enhancement of Economic and Trade Cooperation in Jerusalem. Meanwhile, the two sides would further enhance the cooperation between China and Israel in economy, trade and hi-tech fields.

Israel is an important partner of China in trade and economic cooperation in Middle East. The bilateral cooperation in trade, investment, science and technology and agriculture developed well and has great potentials. In the first 9 months in 2005, the bilateral trade amounted to US$2.26 billion, up by 22.7% on a year-on-year basis.

By now, altogether 42 countries have announced their recognition of China's full market economy status.

By People's Daily Online