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HKGCC Hails WTO Working Party's
Approval of China's WTO Entry

Hong Kong General Chamber of Commerce (HKGCC) welcomes the successful conclusion of negotiations on September 17 by the World Trade Organization Working Party on China's terms of membership into the WTO. The landmark agreement will bring to an end China's 15-year quest to gain membership to the world trade body.

The accord paves the way for the text of the agreement to be adopted formally by a majority vote by the 142 Member Governments of the WTO at its Ministerial Conference to be held in Doha in November. China will then legally become a WTO member early next year after acceptance of the legal documents by the National People's Congress.

"Not only will China's accession to the world trade body enhance its status in the global economy, but it will also motivate the Chinese Government to carry out reforms proactively to increase its administrative efficiency and legal transparency. More importantly, this will accelerate China's drive to connect with the whole world and enable the country to become a pivotal member of the global economy.

"News about China's WTO accession provides a strong impetus to the weakening Hong Kong economy. We expect that the local economy will benefit by this development, which will also help revitalize our economy for the coming year."

WTO entry will accelerate China's economic growth, and also boost Hong Kong's economy. For the short-term, Hong Kong's role as a middleman between China and the world will not be undermined, and China's entry will promote Hong Kong's status as an international financial and shipping hub.

HKGCC's report, "China's Entry into the WTO and the Impact on Hong Kong Business," released in January last year, pointed out that the Hong Kong business community will need to cope with challenges arising from the new business environment. Yet for entrepreneurs willing to make preparations, China's WTO entry should provide vast new business opportunities.

"In one and a half years following the release of the study, many Hong Kong enterprises have been taking measures in preparation for the challenges and opportunities ahead," HKGCC Director Dr Eden Woon said.

"The Chamber has now launched a series of workshops and invited members from nine business sectors to review and update the report based on current developments. Also, we have recently launched a 'China WTO Corner' on our Web site to update members on the latest information, business opportunities and activities regarding China's entry into the WTO. With such resources, we have high hopes that the local business sector can be kept well informed and be able to adapt to the on-going economic changes to seize unprecedented business opportunities," Dr. Woon concluded.

For further information, contact Dr Eden Woon at 2823 1211