Six commitments of China's accession to the WTO

Introduction: on September 17, the negotiations on China's accession to the world trade organization finally ended successfully This paves the way for a final agreement at the Ministerial Conference to be held in Doha, Qatar, in November As a result of the negotiations, China has agreed to undertake a series of obligations to open its social system Only in this way can we benefit the overall development of the world economy and provide a predictable environment for trade and foreign investment The obligations of China are as follows: ■ China will treat every WTO member equally All foreign individuals and groups (including those who have not invested or registered in China) will enjoy at least the same treatment in terms of trade rights as Chinese enterprises ■ China will eliminate the double pricing practice and the difference in treatment of domestic and export products ■ price control is not intended to protect domestic manufacturers and service industries ■ China will amend the existing domestic legislation and enact new laws in a unified and effective manner in full accordance with the WTO agreement to implement the WTO agreement ■ three years after China's accession to the WTO, with few exceptions, all enterprises will have the right to import and export goods and trade within the customs territory ■ China will no longer maintain or grant any export subsidies to agricultural products 1 The negotiation results of commodities on market access represent China's commitment to gradually remove trade barriers and open its market to foreign products When China fulfils all its commitments, the average tariff on its agricultural products will fall to 15% For industrial products, the industrial tariff will be reduced to 8.9% on average After China's accession to WTO, China will become a member of the agreement on textiles and clothing, and will fulfill its rights and obligations Agricultural China agreed to limit its agricultural subsidies to 8.5% 2 After China's accession to the WTO, foreign service providers will be allowed to set up joint ventures in China, not limited by the number, and provide services in some cities After China's accession to the WTO, foreign financial institutions will be allowed to provide foreign currency services in China without restrictions from customers Five years after China's accession to the WTO, foreign financial institutions will be allowed to provide RMB services to all Chinese customers An insurance foreign insurance company may come to China to establish its non life insurance subsidiary or joint venture company Five years after China's accession to the WTO, foreign investors will be allowed to establish wholly-owned foreign subsidiaries (author:) share to feed Weibo share to: