These companies ''can build up their businesses purely on market considerations,'' says Jay Hu, managing director of the U.S. Information Technology Office in Beijing, an American industry association. The WTO ''certainly would make it a more favorable environment for us to invest,'' says Texas Instruments exec Cynthia A. Johnson. Beyond the agreement itself, an improved political climate will help as well. Boeing Co., for example, has lost China sales when tensions with the U.S. have flared up. Now, Boeing hopes the WTO will help minimize future political fallout.
American farmers have hopes, too.
China is now supposed to drop export subsidies for farm products and sharply cut tariffs on agricultural products. But it is hardly a win for the Chinese farmer. Or for many Chinese manufacturers. Entry into the WTO will force a dramatic split, creating winners and losers throughout that vast country. Scores of companies in noncompetitive heavy industries such as steel and petrochemicals will go bankrupt as they lose the trade barriers that propped them up.