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China

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Source: CHINA, DAILY NEWS

China's WTO membership offers new opportunities for HK, Macao

 
**********************************************************************

China's expected accession to the World Trade Organization (WTO) will bring new opportunities for the economic development of Hong Kong and Macao, Shi Guangsheng, minister of foreign trade and economic cooperation, said Tuesday.

He made the comment in response to questions at a press conference sponsored by the ongoing Fourth Session of the Ninth National People's Congress (NPC).

"China's commitments during negotiations and its right as a member of WTO will produce direct benefits for Hong Kong and Macao, " the minister said, adding "history has proved the benefits of China's opening up to the two special administrative regions".

Shi pointed out that the opening up of the Chinese mainland will help consolidate and strengthen the position of Hong Kong and Macao as shipping, financial, trade and information centers, which he said "will not be replaced by any mainland cities".

After the mainland joins the WTO, its relations with Hong Kong and Macao will be those of WTO members, which means the mainland will have to observe WTO rules in dealing with them.

The minister said this will help regulate and promote economic and trade relations between the mainland and Hong Kong and Macao, hence promote the development of the Hong Kong and Macao economies.

Shi admitted that China's WTO membership will bring challenges to Hong Kong and Macao, but he expressed confidence that the three sides will be able to overcome the challenges through concerted efforts to attain common development of their economies with the guidance of the "one country, two systems" principle.



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