Focus: China's WTO Anniversary
Retrospect and Prospect: US-China Business Relations on China's Fifth WTO Anniversary
Wan Jifei, Chairman, China Council for the Promotion of International Trade
After 15 years of difficult negotiation, China was formally accepted into the World Trade Organization (WTO) on November 10, 2001. This year, 2006, marks the last year of China's post-WTO-entry transition period. For five years, China has earnestly honored its pledges, maintained a healthy pace of economic development, and achieved great socioeconomic progress. At this time, looking at the US-China economic and trade relationship, I must say that the achievements over the past five years have been considerable and that the future prospects of the relationship are bright.
The US-China relationship plays an important role in the stability of the international system, and bilateral business ties are an important foundation for stability in the bilateral relationship. In the five years since China entered the WTO, business relations, thanks to the economic complementarities of the United States and China, have developed rigorously and positively. Despite differences over certain issues, the ever-expanding trade volume and the sound economic development of both China and the United States over the past five years prove that "win-win" cooperation is of strategic interest to the development of China-US economic and trade relations.
After five years of rapid growth, China is now America's fourth-largest export market, second-largest source of imports, third-largest trade partner, and the fastest-growing export market among all of America's major trade partners. America is, in turn, China's second-largest trade partner and one of the biggest sources of foreign direct investment in China. I am convinced that with the continuing perfection of WTO rules, the United States and China, as the largest developed nation and largest developing one, respectively, can, within the WTO family, share rights and obligations and maintain the harmonious development of trade and economic relations.
On the fifth anniversary of China's entry into the WTO, the US-China Business Council's (USCBC) publication of this special issue of the China Business Review is very meaningful. As promoters of US-China economic and trade relations, USCBC and the China Council for the Promotion of International Trade (CCPIT) have together witnessed China's journey of opening and reform and economic development and China's voyage into the WTO.
Over the five years since China joined the WTO, USCBC and CCPIT have joined forces to develop a number of creative programs to help the Chinese business community understand, learn, and use WTO rules and to promote the two nations to resolve differences and cooperate for mutual benefit under the WTO framework. We will ceaselessly devote more efforts to continue to build healthy and stable economic and trade relations between China and the United States.
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