Focus: China's WTO Anniversary
A Message from the Chair of the US-China Business Council
W. James McNerney Jr.
Chairman, President and Chief Executive Officer, The Boeing Company
As chair of the US-China Business Council, it is my pleasure to commemorate the fifth anniversary of China's entry to the World Trade Organization (WTO) on December 11, 2001.
China's WTO entry was a landmark event in the development of China's economy and in our bilateral trade relationship. In the five years since then, much has changed. China has lowered tariffs dramatically, opened sectors to foreign investment in which it was previously prohibited, and continued reforms aimed at separating government from business. China has reviewed and revised thousands of laws to ensure that they conform to WTO rules. Perhaps most important, China has joined the international trade system and is becoming more integrated into the global economy.
The results have been clear: The United States is now China's largest trade partner, and China is now the fourthlargest export market for US companies--third-largest, when combined with Hong Kong, trailing only Canada and Mexico. As China implements its remaining WTO obligations and US companies pursue the new opportunities that result, I expect US exports to China to continue expanding, in turn providing new jobs and benefits to the United States economy.
China has made great strides in the last five years. As our large trading partner continues to grow its economy, we must work with China's government and business leaders to strengthen our ties and ensure there is support in both the US and China for our business partnerships. Issues such as intellectual property rights, transparency in government, and government licensing procedures have been of concern, and we need to work together to find effective solutions so that companies in both countries can truly realize the benefits brought by WTO entry.
On behalf of the member companies of the US-China Business Council, we congratulate China on all it has achieved in the last five years. We also look forward to working closely with China to achieve even greater progress in the next five years.
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