Long: WTO entry to secure "rule" in the market
( 2001-07-12 21:32 ) (8 )

Joining the World Trade Organization (WTO), the world economic club,will give an impetus to the enterprises in China to build a sense of "rule", Long Yongtu, China's chief negotiator, said in an exclusive interview with Xinhua.

He pointed out that phenomena of economic disorder and gray economy exist in the economic life in China. "Lack of the sense of "rule" leads to the chaos of the operation of the market to a great extent," said Long.

He said that for the moment there exists a tendency of arbitrariness in implementing internationally established rules in China. "Whether to observe the rules or not, it is all at the will of the decision-maker. Once entering the world economic super group, it will be a mandate for China to observe all the rules."

Long said that "We have made a number of commitment to WTO, which includes the revision of laws and regulations concerning China's economy and foreign trade in order to make them in agreement with WTO."

It is learnt that National People's Congress(NPC) and its standing committee is speeding up the revision of about 30 laws and regulations incompatible with WTO rules. Since last July, NPC have finished revisions on Law on Chinese Foreign Cooperative Enterprises, Law on Foreign Capital Enterprises, Customs Law, Patent Law, Trademark Law and Copyright law.

"Therefore, foreign investors and businessmen will feel safe in doing business in China and will think the economic policy and regulations in China are transparent, stable and predictable," he added.

"This will make them enjoy a similar economic environment in China as they do in Britain, the United States, Singapore or wherever."

Long pointed out "This kind of feeling is very important to business investment and operation. The sense of trust and confidence is a key element in building an ideal environment for international investment and business operation.

When talking about the impact on China's economic development after joining WTO, Long said that the day when China is accepted by WTO will be an ordinary day as usual, but the being improved legal environment in China will have great impact on the economic development in the country in the next decades.

China has achieved a major breakthrough on substantial issues in the 16th session of Working Party on China's access to WTO which was held from June 28 to July 4. All sides hold that it is a turning point in China's long process for its 15-year bid to secure the membership in WTO.