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2006-09-06 | All chapters

Celebrating China's 5-year WTO entry
CCTV9's website, 6th September 2006

The five-year transition period for China's entry into the World Trade Organization will come to an end, at the end of this year. On Monday evening, the European Union Chamber of Commerce in China and the Voice of the European Business in China hosted a ceremony to congratulate China on its WTO achievements.

Bo Xilai, Minister of Commerce said: "Over 500 dignitaries from Embassies, Chambers of Commerce and leaders of industry attended the event. During the evening, eight member companies were singled out for their contributions to poverty alleviation by Commerce Minister Bo Xilia and President Duan Yingbi of the China Foundation for Poverty Alleviation. ABB, Astrazeneca, Ericsson, Nokia, P&G, Philips, PSA Peugeot Citroen and Siemens, are the major contributors of the project."

China and the EU, two huge markets in the world, have everything to gain by deepening their commercial ties. China's accession to the WTO has paved the way for increased growth and stronger trade relations.

It is commonly agreed that China has implemented the majority of its commitments on schedule, and there is little doubt that WTO accession has brought many benefits to both China and the EU.

As the five-year transition period approaches its end this December, regulation transparency and IPR protection became the two major issues foreign companies are watching on China. Commerce Minister Bo Xilai says China will do its best to track down IPR infringements, to protect the interest of both foreign and domestic firms.

This year's focus is also on China's banking sector as China promises to fully open its finance sector to foreign capital by the end of the year.

Click here to view this article on CCTV9's website.