Q: What impact you believe will China's entry into WTO have on Chinese and world economy?


A: China's accession to WTO will facilitate China's reform and opening up. To follow through the commitments that China has made in WTO talks, we need to sort out, adjust and revise the existing laws and regulations, which will naturally advance the reform and opening up process of our country and speed up the pace of the development of socialist market economy in China.


Of course, quickened pace of market opening will bring about certain pressure on relevant industries in China. But we can turn this pressure into driving forces, expedite the readjustment of industrial structure and raise international competitiveness.


China's joining WTO will promote the growth of world trade. Further market opening of China (including goods and service sectors) will further improve laws and regulations in China. The Chinese Government will also intensify its law enforcement efforts concerning the protection of intellectual property rights. All these will attract more foreign companies to cooperate with Chinese businesses in trade and investment.