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          China has made remarkable progress in opening economy

          (Xinhua)
          Updated: 2006-12-07 15:20

          China has made remarkable progress in opening its economy since it joined the World Trade Organization (WTO)(find more in WTO package) five years ago, former U.S. Trade Representative Charlene Barshefsky told Xinhua in Washington recently in an exclusive interview.

          "China's implementation of WTO commitments has in general been good, though there are several areas of concerns expressed by the U.S., the EU and others," said Barshefsky, one of the architects of China's WTO agreement in 2001.

          "Most notably, with respect to intellectual property protection (IPR), with respect to services market opening, China is still completing its commitments under the WTO," she said.

          These two areas, IPR and services, are very important, she said, adding, "there are quite visible signs of China's implementation of its WTO commitments."

          In view of its economic size, it is increasingly important for China to do everything it can to implement fully its WTO commitments, Barshefsky said, but she also thought "as a general matter, China has made quite remarkable progress in opening its economy, in welcoming imports and in inviting foreign investments."

          The fact that China has remade its economy, as a spur to global growth should not be ignored, she said.

          Mentioning China's "very rapid, very substantial, very consistent" economic development, Barshefsky said "China is no longer a bystander in the world economy."

          "It has become an important hub in the global economy and as such it takes on responsibilities beyond merely its own economic development," she added.

          Barshefsky said that China has actively assisted the management of global economy and played an important role in policy making alongside the European Union, the United States, Japan and others.

          When asked about trade disputes between China and the U.S. and the EU, Barshefsky said that she is "very much in favor of negotiation."

          "I am not in the position to say whether China or the U.S. fully explored all possible negotiated solutions, or whether China or Europe fully explored all possible negotiated solutions. I certainly hope all sides did, because that would take out better outcomes for everybody."

          "Trade sanctions often do not solve problems, but sometimes mutual cooperation can. So, every opportunity always has to be given to try to find the negotiated solution before any further steps are taken," noted the chief trade negotiator and principal trade policy maker for the Untied States from 1997 to 2001.

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          (For more biz stories, please visit Industry Updates)



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