January-February 2000
Issue:

Cover by JHDesign

Joining the WTO serves China's development. China was one of the original contracting parties of the General Agreement on Tariffs and Trade (GATT), which entered into force in 1948. Owing to historical reasons, New China did not participate in GATT activities for some time after its founding. Without China's participation, any world trade body would not be complete. Firmly pursuing the policy of reform and opening up under the guidance of Deng Xiaoping Theory, China has achieve d rapid economic growth, continuous social progress, steadily improved living standards and other achievements marveled at around the world. China's WTO membership will facilitate not only its own economic expansion, but also greater economic cooperation, trade, and exchanges between China and the other countries in the world.

The development of the world also needs China's participation. As the world's largest developing country with 1.25 billion people, the seventh-largest economy and the tenth-largest trading nation, China will help strengthen and improve the multilateral trading system after becoming a WTO member. When that happens, China will earnestly fulfill its obligations while enjoying its rights and, together with other WTO members, make positive contributions to the development of the global economy and trade, the building of a complete and open international trading system and the establishment of a new and fair international economic order.

China's WTO accession serves the fundamental interests of both China and the United States. China is the fourth-largest trading partner of the United States while the US is the second-largest trading partner of, and the second-largest overseas investor in China. The potential for the two countries to trade and engage in economic cooperation is enormous and prospects broad. Once in the WTO, Ch ina will offer American merchandise, technologies and capital even greater access to the Chinese market, which will help the expansion of bilateral trade and economic ties across the board as well as introduce fresh impetus to the improvement and growth of overall China-US relations.

The early realization of permanent normal trade relations between China and the United States accords with the common interests of the two countries. It is also the necessary requirement if stability and growth in bilateral trade and economic relations are to be maintained. I appreciate the longstanding and unremitting efforts made by the American business communities in advancing China-US relations and bilateral trade and economic cooperation. And I also appreciate the important role played by the US-China Business Council over the years towards these ends.

The new century is dawning on us. China will firmly press ahead with its reform and opening up, continue to expand mutually beneficial cooperation with all the other countries in the world and make still greater contributions to the lofty cause of world peace and development.