Foreign businesses in China have said that China has kept the
commitments it made joining the World Trade Organization three
years ago and been a "responsible" member.
China became a member of the WTO on December 11, 2001 after 15
years of negotiations. Following its accession, it has reduced
tariffs, opened markets and revised its laws in accordance with its
commitments.
China has lowered its general tariffs level from 15.6 percent in
2000 to 10.6 percent in 2004. They will be further lowered to 10.1
percent in 2005. The tariffs for automobiles, in particular, were
80 percent to 100 percent before China's accession to the WTO. They
were 43.8 percent in 2002 and will drop to 25 percent next
year.
China has also provided more market accession for foreign
investors in banking, securities, distribution, legal services,
tourism and education.
In the banking sector, for instance, more than 60 foreign banks
from 20 countries and regions have opened businesses in China. More
than 80 banks have started China's local currency renminbi
business.
China has revised more than 2,300 national laws and regulations
that ran counter to WTO rules.
Those efforts have won positive comments from foreign businesses
in China.
The American Chamber of Commerce in China said in a press
release this week that China is "substantively in compliance" with
its WTO commitments.
Elmar Stachels of the Bayer Group said China has kept its
commitments in reducing tariffs, opening markets and its protection
of intellectual property rights, and improved its transparency in
policy making. This has boosted the confidence of foreign
investors.
Alfred Wewers, chairman of the German Chamber of Commerce in
China and also chief China representative of ThyssenKrupp, a world
leading producer of steel and industrial goods and services, said
China has been making much progress in optimizing trade and
investment environment in recent years.
Some foreign businesses though, such as the American Chamber of
Commerce in China, said China needed to work harder to protect
intellectual property rights.
The past three years have seen tremendous increases in foreign
business presence in China.
During the past three years, China's foreign trade volume has
doubled. The total value of imports and exports in the first eleven
months of the year has surpassed one trillion US dollars, a
previous record.
Overseas investment in China reached US$1.06 trillion in
contractual volume by October this year and materialized overseas
investment volume was US$555.25 billion.
(Xinhua News Agency December 12, 2004)