Focus on China's economy after China's entry into

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Pay attention to China's economy after China's entry into the WTO

it has been two years since China joined the WTO on December 11 this year. What has WTO brought to China's financial industry? What has changed

at the plenary meeting of the sixth session of the Standing Committee of the Tenth National People's Congress held yesterday, entrusted by the State Council, Vice Minister of Commerce Yu Guangzhou gave a comprehensive description of the relevant situation of China's economy after China's accession to the WTO to the members of the Standing Committee

the financial industry has become a hot spot for investment

Yu Guangzhou said that China's accession to the WTO has brought huge development space for China's foreign trade. In 2002, China's total import and export volume was US $620.8 billion, an increase of 21.8% year-on-year. The total import and export volume this year is expected to exceed 800 billion US dollars, and China's ranking in the world is expected to continue to rise. The rapid growth of the foreign economy has promoted the organizers of the national economic exhibition to continue to explore and learn from experience for rapid development

Yu Guangzhou said that China's accession to the WTO has made China more attractive to foreign investment. In 2002, China actually used 52.7 billion US dollars of foreign capital, an increase of 12.5%, becoming the country that used the most foreign direct investment in that year. From January to November this year, China's actual use of foreign capital was US $47.15 billion. While continuing to absorb foreign capital on a large scale, the quality and level were further improved

he said that more than 400 of the world's top 500 multinational companies have invested in China, among which banking, insurance, securities and other service industries have become new investment hotspots

Yu Guangzhou said that WTO entry is a new starting point for accelerating the development and optimizing the structure of the service industry. After China's entry into WTO, the capital adequacy ratio of banks has increased, non-performing loans have decreased significantly, and the quality of financial operation has improved. Foreign investors' participation in China's securities market has promoted financial innovation and strengthened the strength of institutional investors. Under the influence of the demonstration effect of foreign insurance companies, the vitality of the insurance industry has increased significantly. In 2002, the national premium income was 305.3 billion yuan, an increase of 44.7%, ranking 16th in the world

He said that China's entry into WTO has enabled China to participate in economic globalization. According to the commitment schedule, China has formulated a series of access systems in the field of service trade, which has promoted the opening of this field. Since joining the WTO, China has opened the RMB business of foreign banks in 13 cities such as Shanghai and Shenzhen, approved two foreign-funded securities companies and seven foreign-funded fund management companies, and allowed listed companies to transfer state-owned shares and legal person shares to foreign investors. Foreign insurance businesses in 10 cities including Shanghai and Guangzhou were opened, and 9 foreign insurance companies were approved to set up business institutions. This part of consumer demand shows rigidity

the opening pressure of the insurance securities market increases

Yu Guangzhou also introduced the problems faced by China's economy after China's entry into the WTO to the members in his report. He said that due to the extensive commitments made in the WTO accession negotiations, it is under great pressure to absorb the impact of market opening and adjust the domestic industrial structure. In the new round of multilateral trade negotiations, it is the general trend to continue to open the market. As a WTO member, although we can put forward the requirements of market opening to other members, we are facing the pressure of further opening up

he said, for example, in the field of trade in services, if we want our trading partners to open up areas in which China has comparative advantages, we need to continue to open our market. Especially in the fields concerned by some developed countries, such as insurance, securities, telecommunications, energy and so on, the pressure to further open up has increased

Yu Guangzhou said that the macro-control ability and adaptability of government departments need to be strengthened, legislation lags behind, the government has more direct intervention in the economy, regional blockades and industrial monopolies have hindered the formation of a unified market, and the reform task of industries with a high degree of protection in the past has been arduous for a long time, which makes the response work of different regions and industries appear unbalanced after China's entry into the WTO

At the same time, the intensification of international trade protectionism poses a threat to China's expansion of exports. According to WTO statistics, 276 anti-dumping cases were filed by WTO members in 2002, including 47 cases involving China, with a direct amount of about US $450million. According to the statistics of the Ministry of Commerce, as of September 2003, 33 countries and regions have launched 590 anti-dumping and safeguard measures investigations on China's export products

Yu Guangzhou said that the impact of China's accession to the WTO is a long-term process, some of which are gradually emerging and deepening, some of which are ostensibly an impact on the market, but in fact reflect the deep-seated problems existing in China's economic structure, such as the low efficiency of state-owned enterprises, the fragile agricultural foundation, the weak anti risk ability of the financial system, the unbalanced development of regional economy, and the general overcapacity of processing production, etc

The response measure is to deepen reform. Yu Guangzhou said that the response work to China's entry into the WTO has just begun. To ensure that the benefits of China's entry into the WTO always outweigh the disadvantages, the response work must keep pace with the times

he said that in the service sector, industries and sensitive areas that are gradually opening up to the outside world, such as banking, securities, insurance and telecommunications, we should pay close attention to formulating market access standards and application and approval procedures to ensure the uniformity of standards and the order of market opening. Deepen the reform of wholly state-owned commercial banks, steadily develop small and medium-sized financial institutions, gradually promote the process of market-oriented reform of interest rates, and improve financial supervision; Steadily develop the stock market, accelerate the development of enterprise bond market, cultivate and standardize institutional investors; Accelerate the joint-stock reform of state-owned insurance companies and open the scope of insurance business in an orderly manner; We will deepen the reform of the telecommunications system, gradually relax market access, promote the reorganization and internationalization of telecommunications enterprises, establish a new universal service mechanism, and strengthen telecommunications regulation

we should speed up the reform of the management system of monopoly industries, introduce competition mechanisms in power, railway, civil aviation, telecommunications and other industries, reduce the threshold of domestic market entry, widely absorb all kinds of social investment and equity investment, form diversified investment subjects, and implement competitive management

Yu Guangzhou concluded that China's entry into WTO has brought profound changes to many areas of China's economy, and a series of changes touching on deep-seated contradictions are taking place all the time. A significant increase in comprehensive national strength and international competitiveness 4 The good situation of opening the measurement and control system software of the testing machine and strengthening itself in dealing with challenges is gradually taking shape

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