Over the three years since China joined the World Trade Organization (WTO), the interim period for China's major industries will come to an end and the mainland markets will open up one by one according to the commitment. China will enter a post-transition period, Hong Kong's Wen Wei Po reported.

Expert in Beijing said, that means China will speed up merging itself with the world trade system. Plus, China should formulate and perfect its corresponding strategy for more benefit and less damage, and constantly boost the industries' competitiveness and the overall capability to respond.

"Post-transition period" refers to the period from January 1, 2005 to the complete opening of the industries covered in the commitment, in which, China will, in terms of service trade, further open its markets to foreign investment in telecommunication, construction, finance and tourism etc. In terms of goods trade, joint ventures will be granted license for full foreign trade businesses, non-state-owned companies will have a bigger share in import of crude oil, finished oil. Tariff will be further lowered and the management of quota license will also be more open.

Official with China's Ministry of Commerce pointed out China must get ready in response to the long-term impact of its WTO-entry and form a corresponding mechanism.

The official added, more importantly, China should make full use of the great opportunities brought by its WTO membership, better develop itself at a higher pace. Three combinations: the combination of enjoying the rights with performing the duties, that of abiding by the rules with using the rules and of opening-up of important and sensitive industries with enhancing the competitiveness.

Deng Hongbo, an expert with Beijing WTO Affairs Center, the post-transition period features most in protection for sensitive fields to be canceled and heavier pressure on market opening. The efforts in opening the market and the coverage will far exceed the situation of the past three years.

Deng said, in this period, limitations on the regions accessible for foreign investment, the quantity and equity will all be written off. In a more open market, greatly expanded fields will be available for foreign investors.

New possible fields are telecommunication service, wholesale and retail, banking, insurance, tourist agency and service, transportation and logistics service.

In addition, according to the pledge, tariff concessions will finally be met, and particularly infant industries will be less protected, causing more heated competition between homemade and foreign products.

External market will be facing markedly tougher attack while some binding terms are still taking effect.

As a result, conflicts between China and other WTO members will increase not decrease, said Deng. Anti-dumping, anti-subsidy and protective measures from foreign countries will stand out as the major risks in front of mainland export goods. Many countries frequently using non-tariff barriers such as quality, technology, health and environment standards will incur China's trade more negative elements and variables.

By People's Daily Online