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China's WTO Deal with Mexico in Pipeline
China's entry into the World Trade Organization (WTO), which could come very soon this year, will magnify instead of diminish the Chinese mainland's business ties with Hong Kong, said one trade official.
Zhang Xiang, deputy minister of Ministry of Foreign Trade and Economy Co-operation (MOFTEC), made the prediction at a press conference for the second China High-tech Fair in Shenzhen on Wednesday.
China is currently working with Mexico on bilateral trade pacts in what might be the last hurdle of standing between the country and entry into the world's largest trade organization.
"Both of us have very close stances in the final trade agreements,'' Zhang said.
China's impending WTO accession means the Chinese mainland and Hong Kong will be able to do business as fellow members.
However, the pending entry will not pose any threat to Hong Kong's position as the shipping, financial, trade and information centre in South China, he reaffirmed.
Zhang quashed rumors about the supposed proposals of some Central and South American countries that Taiwan be given membership in the WTO.
The chairman of the General Agreement on Trade and Tariffs (GATT) had stated that Taiwan could join the WTO under the name of Chinese Taipei, but only after China's accession.
After spending some time explaining the consequences and details of China's WTO bid, Zhang congratulated organizers on the inauguration of the second High-tech Fair in Shenzhen, which opened yesterday and will run through October 17.
The fair, which draws more than 12,500 scientific projects from various provinces, universities and enterprises, is designed to facilitate the development of scientific achievements into practical and marketable products and services.
Such developments are likely to benefit companies in China's high-tech sector, many of which are looking to get listed on the second board of the mainland stock market, which is expected to go into operation within the year.
The names of the first group of companies to be listed on the second board should be released soon, said Yu Youjun, mayor of Shenzhen.
Yu dismissed talk that the main board of the Shenzhen stock market will be transferred to Shanghai after establishment of the second board.
"The second board will grow and mature together with the main board in Shenzhen,'' he said.
The authorities have paid great attention to the quality of the candidates for the second board to ensure its success.
He did not comment on the rumor circulating in business circles that there will be 50 companies in the first group, but he did confirm that the companies likely to make it onto the board deal in electronic information, bioengineering and new materials.
He was confident that the second board will be successful, he said, given the 10 years' experience of the Shenzhen Stock Exchange and the strong momentum of high-tech in the mainland.
Experimental commercial introduction of the third generation (3G) broadband mobile telecommunications network is expected to begin early next year and be completed before 2003, said Lou Qinjian, vice-minister of the Ministry of the Information Industry. Frequency channels for the 3G operation will not be cleared until 2002.
Details of the experiment are still under discussion, Lou said. [Source: chinadaily.com.cn]
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