December 11, 2003 marked the second anniversary of China's entry to the World Trade Organization ("WTO"). Over the past two years, China has carried out the promises made when China formally became a member of the World Trade Organization, and further expanded its opening up. Import tariffs were drastically reduced and various non-tariff measures canceled. Many practical actions were taken to open the service market and the restrictions in foreign investment, and laws and regulations concerned with foreign affairs were amended. In certain areas — such as insurance and tourism — areas were opened ahead of time. Because of the fulfillment of its promises, China's approval by the WTO General Council at the second transitional examination went smoothly. At the Fifth WTO Ministerial Conference held in Cancun, Mexico in September 2003, China cooperated with other developing countries, safeguarded the benefits of developing countries and strengthened the status and functions of developing countries in WTO.