China（） the WTO and（）a new member of it in 2001.

China’s entry into the WTO has as an important a meaning to China as ______.

A．the U.S.

B．it does to the U. S.

C．with the U.S.

D．which has to the U. S

1) 加入WTO给中国带来的机遇。

2) 中国加入WTO面临的挑战。

You should write 160-200 words on ANSWER SHEET 2.

A

Not all anniversaries are landmarks. And yet, ten years after China joined the World Trade Organization, it is impossible to overlook the consequences of this momentous decision on the global economy.

Those present in 2001 will recall how difficult the negotiation process was, in fact, it was extraordinary that they even reached an agreement.

The US benefited from the deal but it was far from being the biggest winner. China scooped the largest prize. In areas such as agricultural goods, trade liberalization was nothing short of dramatic. By entering the WTO, Beijing could adopt aspects of international commercial law which would have been more difficult to introduce because of domestic constraints.

The sheer size of China's export market is the most powerful testimony to Beijing's success. But other countries benefited too. Since Beijing' s emergence on the stage of world trade, commerce between emerging markets has enjoyed a significant boost. It can only be a good thing that less developed countries are now trading with each other rather than relying only on Western partners.

B

As for the rich world, the accession of China to the WTO has created new challenges. Consumers have enjoyed cheap Chinese goods. At the same time, European and US companies have struggled to keep pace with ever stiffer competition.

There were also macroeconomic consequences. The low prices of Chinese imports meant that it was easier for central banks in developed countries to meet their inflation targets. This triggered the cuts in interest rates which, in turn, helped to cause an unsustainable credit boom. Now that the bubble has burst, the consequences of China's entry in the trade arena have become painfully apparent.

Ten years on, the future outlook remains mixed. Chinese trade policy still has not evolved sufficiently. Beijing is determined not to let its currency appreciate as it should do. Though there have been modest steps forward in its exchange rate policy, the world's economy is still far from seeing the problems associated with global imbalances resolved.

As for "win-win", well, China is certainly winning. In 2000 it was the world's seventh largest exporter and eighth largest importer of merchandise; in 2010 it was number one and two, respectively. But, as America's increasingly critical assessments of China' s WTO compliance suggests, those trading partners do not always feel like winners. During its relatively brief membership, the world' s second-largest economy has responded to 22 complaints-more than the next three put together.

C

The WTO Secretariat's China Trade Policy Review 2010 had the following summary. At a time of heightened trade tensions around the world as governments manage the economic consequences of last year' s global recession and 12 percent drop in world trade flows, this Trade Policy Review (TPR) of China has highlighted the valuable role that the WTO' s TPR Mechanism plays by increasing transparency, encouraging consultation and cooperation among WTO Members, and helping to avoid misunderstandings and, ultimately, trade disputes when trade frictions arise.

A well-functioning multilateral trading system has contributed considerably to China's sustainable economic growth and development. The global recession had a substantial adverse impact on China's economy as external demand fell sharply from the end of 2008.

The Government' s response of expansionary fiscal and monetary policies, including a Y4 trillion (1334 of 2008 GDP) stimulus package, helped China's economic growth to rebound in 2009 and made an important contribution to global recovery elsewhere, particularly in the Asia region.

D

The global economic crisis has reinforced China's determination to transform.its pattern of economic development, including through structural diversification, improving the functioning of the domestic capital market and strengthening social safety nets for the population. Looking ahead, as the Government pursues policies to increase the role of domestic demand in underwriting China' s growth and to encourage the expansion of the services sector, further liberalization of the trade and investment regimes is called for to foster competition and achieve more efficient allocation of resources in the economy.

There was widespread recognition of China's constructive role in resisting protectionist pressures and boosting global demand during the recent economic downturn, appreciation for China's stepped-up involvement in South-South trade and its duty-free scheme for imports from least-developed countries, and acknowledgment that China has continued the gradual liberalization of its trade and investment regimes, although several members felt that this had slowed down compared to its pace in earlier years.

Now match the statements (1-7) to the letter (A, B, C or B).

1. The accession to WTO helps China to make its commercial law more internationally viable.

2. The global economic crisis has made China's determination to transform. its pattern of economic development even stronger.

3. China has made efforts to adjust its foreign exchange rate but the western countries are still not satisfied.

4. As part of the stimulus package, Chinese government made the 4 trillion RMB investment decision towards the end of 2008.

5. It is widely recognized that China has enhanced its involvement in South-South trade and imported more goods from least-developed countries duty-free.

6. WTO's Trade Policy Review Mechanism plays a positive role in increasing transparency, encouraging consultation and cooperation among WTO Members.

7. China's entry to the WTO enabled European and American consumers to enjoy inexpensive Chinese goods, but their companies are meeting with more severe competition.

Prospecting the Local Oil Market

As a part of its WTO commitments, China opened its retail oil market at the end of last year. By December 2006, China will open up its wholesale market, allowing foreign enterprises to sell oil in large quantities and compete head on with China's state-owned oil companies. Foreign oil businesses will be able to build up oil depots, set up wharfs (码头) for shipping and create bigger sales networks. In order to capture as much market share in China as possible, many foreign oil giants have already allocated (拨款) capital to expand their presence in China and devised strategic plans to increase their competitive edge.

Fierce competition is unavoidable as the Chinese oil market opens further. China is now the world's third largest consumer of oil. Currently, the two state-owned enterprises, China Petroleum and Chemical Corp. (Sinopec) and China National Petroleum Corp. (CNPC), dominate the Chinese wholesale market, and foreign companies must get their approval before they can enter local retail and wholesale markets. In addition, the oil import business is monopolized by the following five Chinese enterprises: Sinopec, CNPC, Sinochem Corp., China National Offshore Oil Corp. and Zhuhai Zhen Rong Co. Nevertheless, experts say that as long as WTO commitments are honored, the monopoly in China's oil sector will be broken. Though the market share of foreign companies will likely increase to some extent, experts say that it shouldn't challenge the dominance of Sinopec and CNPC.

Breaking the Monopoly

"After 2006, the monopoly will end. The market will be carved up by three kinds of companies: state-owned wholesale enterprises, foreign enterprises and domestic private enterprises," noted an expert.

Coincidentally, China tried to adopt a relatively free market before 1999. Privateand state-owned enterprises were developing together in the oil retail and wholesale markets. However, by 1998, the oil market became uncontrolled. It fell into disorder with the positioning of too many gas stations and rampant international oil smuggling. With ineffective government management and control, the private enterprises expanded viciously, costing Sinopec and CNPC millions of U.S. dollars income losses.

In May 1999, the State Council decided to rectify (改正) the disorder in the domestic oil market by retaining no wholesalers other than Sinopec and CNPC. Therefore, the wholesale market changed from a free market into one monopolized and controlled by Sinopec and CNPC.

After China's entry into the WTO, the wholesale market was loosened to some extent. In October 2003, Hubei Tianfa Co. Ltd. was granted a license to enter the wholesale market by the Ministry of Commerce, allowed to deal in the gasoline, kerosene, and diesel oil wholesale business. While it marked the entry of a third company in the wholesale market, the license was the first ever granted to a Chinese private enterprise since the market was restructured in 1999. Since then, Chinese private capital has gradually begun to enter the wholesale oil market.

Foreign Competition Ready

The wholesale oil market is going to be opened up in 2006 and the cooperation between foreign oil companies and their Chinese counterparts is beginning to change. The focus of foreign companies is changing from cooperation with Chinese companies to exploration and development. They are now building their own petroleum processing and storage stations and increasing their stake in the sales center.

According to the current local policy, the storage capacity of a wholesaler's oil storage depots must be larger than 4000 cubic meters. Last year, BP Global (British Petroleum) built up the Nansha oil depot as a joint venture with Guangzhou Development Industry Co. Ltd. The Nansha oil depot, currently the largest and most advanced oil depot in Chi

A．Y

B．N

C．NG

世界贸易组织(WTO)(World Trade Organization，WTO)

WTO完全禁止对国内市场的保护。()

A.WTO于1995年1月1日建立

B.WTO不具有法人资格

C.WTO的成员可自由申请加入，也可自由退出

D.WTO成员的权利与义务基本对等