But the Northwest's gain would mean a huge loss to the Chinese farmers, who will have to brace hard for the coming competition. Still at a relatively early stage of development, with small scale and scattered production, low output, high cost and high prices, the Chinese auto industry is the softest part of the soft belly of the country's industries. By joining WTO, the Chinese telecommunications market will be open for fierce and strong competition from foreign companies. From a monopolized market to one of open competition, China's telecommunications industry is under its greatest pressure ever. The good thing is that Chinese consumers will benefit.
High tech is the fastest-growing industry in China.
The current tariffs for information products are, however, at an average of 13.3 percent. By joining WTO, this tariff will be reduced to zero. By 2005, China would no longer have any tariffs for semiconductors, computers, computer products, telecommunication equipment, etc. While all the relaxation means greater opportunities for foreign competitors, it will mean steep and desperate competition for Chinese companies. Banking and insurance.