Chinese Commerce Minister Bo Xilai delivers a speech at the opening ceremony of the Second China Jilin Northeast Asia Investment and Trade Expo in Changchun, capital city of northeast China's Jilin Province, Sept. 2, 2006.(Xinhua Photo) Photo Gallery >>>

    BEIJING, Sept. 5 -- Minister of Commerce Bo Xilai promised yesterday that China will fulfil its World Trade Organization (WTO) commitments.

    At a ceremony to mark China's five-year WTO partnership, Bo said all market sectors would be opened in time, referring especially to banking and telecommunications.

    By December 11, the fifth anniversary of China's accession to the WTO, the two sectors must be opened up to foreign firms.

    Furthermore, Bo said that China will play an active part in helping revive the Doha Round of WTO talks, which aim to further liberalize world trade.

    "We are proud of China's tremendous courage in market-opening and in welcoming internationally competitive companies here," said Bo.

    "According to a recent investigation, most European companies in China have faith in the nation's commitment to the WTO," said Serge Janssens de Varebeke, president of the European Union (EU) Chamber of Commerce in China.

    "We are surprised at the extremely good progress China has made in opening-up," noted Ian Duffy, president of Ikea Asia-Pacific.

    China's accession to the WTO has paved the way for increased growth and stronger trade relations. In 2005, China surpassed the United Kingdom to become the world's fourth largest economy and the world's third largest exporter. The EU remains China's largest trading partner and China the EU's second largest.

    "I am confident that in the next five years China's economy will keep growing in a sustainable, steady and healthy way, and will remain one of the fastest growing economies in the world," said Bo.

    By 2010, China's market size and imports are expected to reach US$3.3 trillion and US$1 trillion, and imports from the EU are projected to be US$130 billion.

    Despite the achievements China has made, many still have concerns as the deadline approaches.

    "I don't think they have gone far enough, like they have not opened the renminbi business to foreign banks, but there are a few months to go. Also some regulations and laws are still not transparent," said Thomas W. Felber, general manager of the European Chamber.

    "Transparency and intellectual property rights (IPR) are our main concerns," said Janssens de Varebeke.

    Bo was more upbeat. "We are actively promoting market-opening, and I promise China will fully open all markets, especially banking and telecommunications, before the deadline."

    Bo also said the Chinese Government is getting tougher on IPR. "Maybe some are not happy about the degree of punishments for IPR infringements, but we are trying every means to crack down."

    There are more than 400,000 people employed to protect IPR in the country.

    Foreign participants at the ceremony urged China to continue to open its markets.

    "December 11 will be a milestone, but I hope it will not be an end. I expect to see many other milestones in the future," said Felber.

    "All companies have experienced a dynamic China market in the last five years, but this is just a starting point," Bo said

    In July, the Doha Round was suspended after six leading trade powers failed to agree on a plan to cut tariffs on agricultural products.

    (Source: China Daily)