Search the Internet          Tips  Sites: Finance, Investment

China to play a balancing act post-WTO

China will strike a carefully-thought-out balance between honouring its commitments and enjoying its rights after becoming a full-fledged member of the World Trade Organisation, President Jiang Zemin has said.

Jiang, also general secretary of the ruling Communist Party of China, said that Beijing's WTO membership brings hard-won opportunity while constituting considerable challenges for the country.

He made these comments during a tour of Nanhai in south China's Guangdong province, the official Xinhua news agency reported.

Jiang said during the process of economic globalisation, the economic and technical co-operation of a country with other parts of the world can be expanded advantageously only after the country establishes an economic and trade administrative system adaptable to internationally accepted norms and in line with the country's actual conditions.

The WTO unanimously adopted a decision on China's accession to the WTO on Saturday at its ministerial conference in Doha.

Meanwhile, the spokesman of the People's Bank of China said that China's entry into WTO will bring both opportunities and challenges to the banking industry.

He said China will abide by the opening-up policy in banking industry and promote financial reform, in order to sharpen the competitive edge of domestic banks.

ALSO READ:
India and the WTO: News and issues