China Presents Opportunities for the World

International media organizations commented positively on Chinese President Hu Jintao's speech at a high-level forum marking the 10th anniversary of China's entry into the WTO in Beijing on December 11, 2011. They also recognized China's achievements since its WTO accession.

In a report on Hu's speech, the Associated Press (AP) quoted WTO Director General Pascal Lamy as saying China has shown remarkable growth since joining the WTO. Now, it's time for China to contribute more to global trade issues such as global trade regulation as a key member of the WTO family. He said he hoped China would help the WTO create a more open and fair international trade environment.

Hu said China will focus on expanding imports as part of its efforts to change its foreign trade development pattern, according to the AP report. China's ultimate aim is to have balanced trade, bringing "enormous opportunities" to businesses around the world eager to sell to hundreds of millions of Chinese consumers, the AP said.

Hu pledged to seek more balanced foreign trade relations, the CNN said in a report on December 12, 2011. China's trade surplus is set to decline in 2011 for the third straight year and is on track to be about half the size of the record $298 billion surplus in 2008. This suggests China's trade relationship with the rest of the world is becoming increasingly balanced.

Leading Japanese media outlets such as the evening edition of the Nikkei, the Mainichi Daily News and the Jiji Press also covered and commented on Hu's speech. An article published in the Nikkei evening edition on December 12, 2011, said Hu promised in his speech that China will foster an equal, stable and transparent investment environment, while reducing government interference in microeconomic activities. He also said China will boost imports to change its foreign trade development pattern. China's imports are expected to exceed $8 trillion in the next five years, presenting huge business opportunities for the world.

The Mainichi Daily News published an article titled Chinese President Hu Jintao Calls for Full Market Economy Recognition on its website on December 12, 2011. The article said Hu hoped countries concerned could recognize China's market economy status as soon as possible. He also promised China will create an open and transparent market environment. China's entry into the WTO and its opening up has benefited 1.3 billion Chinese people and people all over the world, he said.

An article published on the Deutsche Welle website on December 11, 2011, said China has made an economic miracle since its entry into the WTO. It has become the world's biggest exporter and second biggest importer. China's exports account for 10.4 percent of world exports. Foreign companies have established more than 1,400 research and development centers in China. China has integrated into the global trade system. While honoring its commitment to tariff reduction, it has strengthened efforts to protect intellectual property rights.

A senior editor with the Egyptian newspaper Al-Wafd told People's Daily China has strengthened international cooperation, especially cooperation with Western countries, in a wide range sectors since it entered the WTO. China's opening-up policy has proven effective. While enhancing its economic competitiveness, it has put in place a well-established legal system, something that other developing countries should learn from. With its market being open and free, China's economy will continue its upward spiral, the editor said.

The WTO is an important organization that offers opportunities for major powers and smaller countries to work together, said a research fellow with the Center for Future Studies in Egypt. Since its entry into the WTO, China has opened up its economy, explored new approaches to development and achieved remarkable progress. High-quality products made in China can be found everywhere in the world.

The Singapore-based Lianhe Zaobao newspaper said in an article on December 12, 2011, that China has become the world's largest exporter and second largest importer of goods. At a time when the world desperately needs a new growth engine given the economic slowdown in Europe and the United States, China's pledge to increase imports will bolster confidence about and inject impetus to global economic recovery. China said it will attach equal importance to "bringing in" and "going global." It will enhance openness in various sectors and continue to welcome foreign investors to China.

The Press Trust of India reported on December 12, 2011 that Hu vowed in his speech to promote balanced trade development, stick to the reform and opening-up policy and create a fair, stable and transparent investment climate for domestic and overseas investors. His pledge demonstrated the Chinese Government's confidence about enhancing economic openness. The report said China made it clear that it would be more active in implementing its opening-up strategy. Facts have shown this strategy not only serves Chinese people's interests but also presents development opportunities for the world.

The Nation, a Thai newspaper, said the United States raised the tone of criticism against China in the wake of growing discontent about high unemployment rates at home. Not only did it accuse China of adopting unfair trade practices, some U.S. congressmen also claimed China's manipulation of the yuan's exchange rate led to U.S. trade deficits and job losses. Hu said at the forum that China will change its trade growth pattern mainly by increasing imports and will not deliberately pursue a trade surplus.

Sultanov Bulat Klychbayevich, Director of the Kazakhstan Institute for Strategic Studies under the president of the Republic of Kazakhstan, said China has made notable progress in building socialism with Chinese characteristics since it entered the WTO in 2001. A strong China has delivered tangible benefits to neighboring countries including Kazakhstan. Under current complicated international circumstances, all countries face daunting challenges in their efforts to pursue all-round economic and social development. China's experience is instructive and relevant to them.

A South African economist interviewed by People's Daily said he can still recall the day when China gained accession to the WTO. He said China's entry into the WTO gave a boost the country's economic growth. China, which was a major economy a decade ago, is now the world's second largest economy. As a WTO member, China has contributed greatly to world economic development. Since the outbreak of the financial crisis, in particular, its importance to the global economy has been increasingly acknowledged.

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