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the bulletin


Chamber welcomes U.S. Senate
passage of PNTR to China

The Chamber welcomes the passage of Permanent Normal Trade Relations (PNTR) status to China by the United States Senate on Sept. 20. This vote and the House of Representatives approval four months ago - once President Clinton signs the bill - remove any remaining issue for the U.S. on China's WTO entry. Only two countries still have to come to an agreement with China on its WTO entry, and the final procedures for China's entry into the WTO should be completed in Geneva in the next few months.

Chamber Chairman C C Tung commented, "China's entry into the WTO will open her markets to the world and create numerous opportunities for her trading partners. The Chamber is confident that Hong Kong will take advantage of and benefit from this momentous turning point for China. In the coming years, Hong Kong's role will be as a logistics hub, a financial hub, and a digital hub between China and the world.

"The Chamber looks forward to China's WTO membership, and we hope this will come before the end of this year. While the impact on different sectors may vary, we believe that with enough preparation - to learn more about China, to explore new business partners or clients, to restructure or improve in niche areas - Hong Kong companies can grasp the vast opportunities and meet the challenges."

Chamber Director Dr Eden Woon supplemented, "If the U.S. Senate did not pass PNTR for China, it would only hurt American businesses as China would not have to provide reciprocal treatment to the U.S. after China gets into the WTO. Therefore, this was a very wise move for the U.S. The victory in Congress promises a more stable Sino-U.S. trade relationship, which I think will definitely enhance the volatile bilateral relations between the two nations. The Chamber also looks forward to Taiwan joining the WTO after China does, since that will greatly boost the trade and investment development in China mainland, Taiwan, and Hong Kong."