China's trade minister Shi Guangsheng used the word "best" two
times Sunday when describing the first year of China's membership
in the World Trade Organization (WTO).
China's foreign trade volume and overseas investment in China
achieved its "best" scores in years against the background of a
slowing world economy, and as a new member of the WTO, China is a
"best" player of the multilateral trade body, Shi, minister of
Foreign Trade and Economic Cooperation (MOFTEC), said in an
interview on the eve of the first anniversary of China's WTO
entry.
China's foreign trade volume is expected to top 600 billion US
dollars this year, edging the country from the sixth position to
the fifth in the world trade chart. Foreign trade in the first 10
months reached 500.2 billion dollars, up 19.7 percent from the same
period last year.
Shi predicted that China's overseas investment will surpass 50
billion dollars this year, making China the largest absorber of
direct overseas investment across the world. Overseas investment
that arrived in the first 10 months grew more than 20 percent.
The minister attributed the growth of trade volume and overseas
investment to a better-than-expected world economy and China's
robust economic growth. China's entry into the WTO played a
definite role, he added.
China's WTO membership enabled it to better handle trade disputes
and to gain better access to the world market. Shi said the number
of lawsuits against China, including anti-dumping cases,
anti-subsidy cases and safeguard measures, dropped 20 percent from
January to October from the same period last year. The lawsuits
added up to 67 last year.
WTO membership helped accelerate the country's move toward a market
economy. A large number of laws were proclaimed invalid or revised
and new laws were made.
Membership also made economic officials and entrepreneurs better
prepared for world competition, which will benefit China over a
long period of time, Shi said.
Shi stressed that some industrial sectors that had been the subject
of concern, such as automobile and the service industries, have
survived the challenges from foreign competitors. There was also no
flooding of foreign imports.
"I
can tell you for sure that these industries were not struck down,"
he said. "On the contrary, the automobile industry has had major
development, and Chinese people now enjoy better service since
foreign competitors came in. China is still enjoying a surplus
trade balance as well."
China's performance as a new WTO member was "great", Shi said.
China fulfilled its commitments and observed the rules. WTO members
reviewed 17 transitional trade policies of China according to its
protocol of entry, and have passed 16, with the remaining one to be
passed very soon.
"We have won more applause than criticism, and China as a
responsible new member has won respect from other WTO members," Shi
said.
Shi forecast more growth for China's foreign trade and overseas
investment next year. He said although there are many uncertainties
in the world economy, it is very possible to have a lower-level
growth.
China's specific advantage of labor-intensive exports is mainly
daily-use consumer goods, which should enjoy a market around the
world, he said.
China's absorption of overseas investment will grow as well, he
said. China is now the safest investment destination with high
returns. China's lower cost of labor and its production level are
attractive to many investors, as has been proved by the fact that
the overseas investment's contractual volume surged 30 percent so
far this year.
(Xinhua News Agency December 9, 2002)