China Fulfilling Commitments to WTO -- China Daily Reports

Experts: China's fulfillment of WTO commitments positive

China has stood by its commitments to the World Trade Organization (WTO) in the past two years, but much work remains to be done, said Chinese Minister of Commerce Lu Fuyan. The country still needs to fulfil more promises it made in the coming years as the transitional period comes to an end and local industries feel the pinch from China's entry into the WTO, Lu said.  (Full)

China's WTO moves heading on right track

China should get a good mark for its performance on commitments it made to the World Trade Organization (WTO), said Sun Zhenyu, the Chinese ambassador to the global trade body. "It is not an easy thing. But we have made great efforts to keep promises, including lowering the tariff rates, eliminating non-tariff measures, and relaxing limitations on foreign investments," Sun said.(Full)

Oil rules altered to drop import quotas

China has announced a new import policy to replace existing import quotas for State-traded oil products next year as part of its commitment to the World Trade Organization. But the quota lift is not likely to send shockwaves in the market as the government will impose internal controls over imported products by requiring importers to register their count, traders said.(Full)

WTO pledges kept, say trade officials

China has taken considerable steps in the past year to honour its commitments to the World Trade Organization, says a Ministry of Commerce official. He said China's trading partners, including the United States, have given positive feedback on China's progress during an annual review meeting.   (Full)

Standard Chartered wants to strengthen China foothold

Standard Chartered Bank is making a big push to expand its business on the mainland as many overseas banks, including some of its major Hong Kong competitors, jockey for position in preparation for the opening up of the financial market in 2006. (Full)

Wal-Mart makes moves to expand its stores

Having introduced a new shopping style to Chinese consumers in several major cities, Wal-Mart, the US-based leading global chain retailer, is stepping up its expansion plan in 2004 as the opening of the retail market under the World Trade Organization (WTO) commitments gathers momentum. (Full)

Opening market in light of WTO commitment

China's market is opening up to foreign companies faster than changes in rules and regulations may suggest, according to Steve Schneider, chairman and chief executive officer of GE China, a unit of the US industrial and financial conglomerate the General Electric Company. (Full)

VW gearing up to produce new models

Volkswagen China has shifted into top gear in the race to meet the seemingly insatiable demand for new cars in the Chinese market. The expansion fever hitting the largest carmaker in China is also fuelled by mounting production from other international automakers and the anticipation of increasing imports as tariff and quota barriers are progressively removed in line with China's commitments to the World Trade Organization (WTO). (Full)

Late birds may be catching a lot more worms

While people envy the early birds that get the worms, the birds themselves may think differently. Ernst Behrens, head of Siemens China Co Ltd, is one of the early pioneers in the China market who feels that being first may have its price. (Full)

Mary Kay eyes glossy cosmetics future

"To expand or not to expand" That was once the question debated by China-based executives of Mary Kay Cosmetics. But not any more. The question now perplexing the Dallas-based cosmetics company  "which holds a 7-8 per cent share of China's 14-billion-yuan (US$1.7-billion) annual cosmetics market" is how it can maintain its rapid growth.  (Full)