Policy and Regulation IN NEW MEDIA

China's accession to the WTO will undoubtedly go down in history as one of the most significant steps forward in re-sculpturing the global economic landscape of the 21st century. Joining WTO is only the beginning of China's convergence into the global market; it has to prepare itself well for the upcoming opportunities and challenges arising from the accession. China's great effort for WTO membership is a testimony of its importance to the Chinese economy. It would not be an exaggeration to say that if Deng Xiaoping's economic reform and open door policy marked China's opening to the world, then China's accession to the WTO will mark its entry to the world.

Leonard K. Cheng (1999) expressed that it cannot be denied that there will be significant short-term costs associated with China's accession to the WTO, but much of the costs will have to be incurred any way. China's WTO membership will impose a time-table within which it must deal with its underlying economic problems. WTO membership will not only provide long-term benefits to the Chinese economy, but also help to solve some short-term difficulties. The challenge of the Chinese government is to manage the short-term problems sufficiently skillfully that as time proceeds the longer-term benefits will dwarf the short-term costs. In such a scenario, the WTO deal will only cause isolated nuisances, but not social crises.

The following two statements made by representatives of WTO and China can best conclude China's accession to WTO. "This is an historic moment for the WTO, for China and for international economic cooperation", said WTO's Director-General, Mike Moore, commenting on the approval of China's accession. "China, one of the fastest growing economies in the world, has made tremendous progress in the last decade in reducing poverty thanks to an economic system increasingly open to trade and foreign investment. Now this economy will be subjected to the rules-based system of the WTO, something which is bound to enhance global economic cooperation".

The head of the Chinese delegation, Shi Guangsheng, Minister of Foreign Trade and Economic Cooperation, said "We need to invite all members to formulate the international trade rules of the new century through equal participation and consultation, so as to enable more developing countries to share the opportunities and interests brought about by the economic globalization and to avoid the further widening of the gap between rich and poor and protect some countries against being marginalized."

China has agreed to undertake and has already taken a series of important commitments to open and liberalize its regime in order to better integrate in the world economy and offer a more predictable environment for trade and foreign investment in accordance with WTO rules. For China, it is a great leap forward and a paradigm shift in mindset to become more open to the rest of the world. It is hoped that through changes made in trade-related policies, government reshuffling, rule of law and capacity building brought about by the economic globalization, advancement and progress in social and cultural development can be achieved as well.

As stated by Martin Lee, Chairman, Democratic Party of Hong Kong in 1999, "The participation of China in the WTO would not only have economic and political benefits, but would also serve to bolster those in China who understand that the country must embrace the rule of law."