At this meeting, WTO member countries finally reached unanimous agreement on approving China as a full member of the World Trade Organization. According to Ze Jianhui, the chief member of the Foreign Affairs Commission of the NPC Standing Committee, the Chinese government is to straighten up and modify its laws in light of the WTO rules and commitment made at WTO negotiations and formulate new laws so as to adapt the country to challenges brought by the WTO accession. 01.04.06 China's reform in the post-WTO era Over the long term, China's entrance into the WTO, the reduction of customs duties, the liberalization of trade and investment and the opening to foreign competition of a domestic market currently monopolized by the government will bring huge profits, and challenges as well, particularly for the agricultural, automotive, banking, insurance and telecom industries. Rebuilding China's legislative system for foreign investment China should amend its foreign investment laws in light of its obligations under international treaties. Though China has yet to join the WTO, the prelude to the competition that will ensue after China's accession to the WTO has already started, shown to some degree in the struggle between different companies to find and hire talented people.
Specialists believe foreign refrigerators are making their third attack on the China market.
The Party Central Committee's economic conference, held from Nov. 28 to Nov. 30, indicated new changes and new problems that arise in economic sectors. More should be done on foreign investment law China's legal system has far to go before it reaches the standards needed for WTO participation. After access to WTO, our nickel and cobalt industry will face fierce challenges. At SinoFile Information Services, we read, cull, translate, and analyze over 600 mainland Chinese publications each day. There are still obstacles to be surmounted before China can join the World Trade Organization.