Indeed, in a number of sectors of its economy, China will soon be more open to U.S. products and services than some of our developed-country trading partners in Asia and Europe. The results of China implementing its WTO obligations will be revolutionary. But contrary to what occurred in 1949, China will be transforming itself by adopting a fully-realized market economy, thereby returning individual property rights and economic freedom to the people of China. Mr. Long went on to say, 'China's WTO entry would let enterprises make their own business decisions and pursue benefits according to contracts and market principles. Liaison between enterprises and government will only hurt enterprises.
Contracts kowtowing to government, though they look rosy on the surface, usually lead to failure.
Mr. President, I agree with those who say that the rise of China presents the United States with potentially our biggest foreign policy challenge. But I also believe it presents us with enormous opportunities. We must, and we will, continue to press Beijing on the range of issues where our interests and values diverge, from human rights to proliferation to China's aggressive stance on territorial disputes. Yet a China fully immersed in the global trade regime, subject to all the rules and sanctions applicable to WTO members, is far likelier to live under the rule of law and to act in ways that comply with global norms. Indeed, the WTO is exactly the sort of multilateral institution that can act as a reinforcing mechanism to make China's interests more compatible with ours.