Related readings:  WTO push a 'win-win' for nation  'China needs to play bigger role in WTO'  Lamy: China fulfilling WTO commitments well  Bo vows nation will honour WTO accession promises  WTO expected to praise policies

Five years after China signed on to join the World Trade Organization, WTO Director-General Pascal Lamy said that the nation's membership in the global trade body is a "big plus for everyone."

No one doubts China's achievements since becoming a WTO member on December 11, 2001. China's trade volume this year is expected to reach US$1.7 trillion, more than triple the US$509.6 billion notched up in 2001.

The WTO conducted its first review of China's trade policy in June this year, and was generally positive about the situation.

"Even if there are still areas that need some improvements, the political commitment and determination shown by the Chinese Government is serious and responsible and all members have acknowledged it," said Lamy.

Since joining the global trade body, China has adjusted its trade policies in accordance with its commitments to the organization, said Zhang Xiangchen, director of the department of WTO affairs at the Ministry of Commerce.

First, measures have been taken to improve the transparency of laws and regulations.

"From the end of 1999 to 2005, the central government constituted, adjusted and abolished over 2,000 laws, regulations and rules in line with its WTO commitments," Zhang said.

Second, the country's commodity market has been largely opened to international competitors.

China's average tariffs were lowered to 9.9 per cent in 2005 from 15.3 per cent in 2001, while tariffs on industrial products were reduced to 9 per cent and those on agricultural products were cut to 15.3 per cent.

Third, China is also opening its service market in line with its commitments to the global trade body.

1

2

(For more biz stories, please visit Industry Updates)