China fulfills its WTO commitments

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 ◆ China fulfills its WTO commitments

Thursday marked the second anniversary of China's entrance into the World Trade Organization. Upon its entry to the World Trade Organization, China made a number of market opening commitments. According to its agreement with the organization, China will lower average tariff level from 15.3 percent to 8 percent over a 5-year period.

China has exceeded expectations in meeting its WTO commitments. In the auto industry, for example, China plans to cancel quotas on cars and lower tariffs from some 70 percent to 20 percent by 2005, ahead of the schedule inked with the WTO.

Zhang Hanlin, Institute Director at University of International Business and Economics, said, "Tourism industry is an good example. China has approved the first exlusive-owned travel agency by overseas investors this year. There are already 24 overseas-invested travel agencies. China are opening up in a tremendous speed. "

China's WTO entry has acted as a strong force in its economic growth. China's foreign trade volume in 2002 was over 600 billion US dollars. The number is expected to reach 800 billion US dollars this year. Overseas investors also have more opportunities. Latest statistics show the actual overseas investment in China this year has reached nearly 50 billion US dollars, up about 6 percent y-o-y. However, experts caution, China's various industries will face severe competition from overseas, when China is fully integrated with the international market.