China's performance in the past five years since becoming a member of the World Trade Organization (WTO) has been appraised by the Asian Development Bank (ADB).
"Positive results have been achieved in China's economic development since the country entered the WTO five years ago," Vice President of ADB, Lawrence Greenwood, told Xinhua on Monday, the fifth anniversary of China's WTO accession.
Greenwood, who is visiting Beijing, said China had undertaken many structural reforms over the past five years according to its WTO commitments. "These reforms have helped the Chinese government seek public opinion and support for further reforms," he noted.
While praising the country’s banking reforms Greenwood stressed that effective and deep financial reform was critical for China. But he also pointed out there were still some areas not effectively open like the securities sector.
Greenwood also said that as a WTO member China should play a leading role in pushing for the resumption of the Doha talks.
He said the ADB had noted that the Chinese government planned to balance regional differences and wealth gaps. "It’s a positive move by the government to list that as one of the key targets for next year," he said.
He also called on the Chinese government to offer more support to farmers by improving education, health care and social welfare services.
In addition, Greenwood said the ADB had shifted its work focus in the country to cover the areas outlined in China's 11th five-year plan. As one of the keys the energy sector would be a major focus in the coming years with more energy-saving and clean energy projects to be launched in China, he said.
Referring to the global trade imbalance Greenwood said, "It's encouraging to see the strategic economic dialogue between China and the United States being held in Beijing later this week.
"To balance global economic development the United States should increase domestic savings and launch fiscal restraint while China should decrease savings and stimulate domestic consumption. I hope both sides can cooperate to promote the sound development of the global economy," said Greenwood.
(Xinhua News Agency December 12, 2006)