China has quickened its steps to reform its banking sector. Three of China's four major state-owned commercial banks have been listed home and abroad since last year.

By September this year, a total of 25 Chinese cities have allowed foreign banks to run RMB business and 111 foreign banking institutions were allowed to do so.

The EU and the United States have urged China to do more to protect intellectual property rights and open up its markets.

China has also faced a rising number of trade disputes. In 2001,China was the subject of 15 percent of the world's anti-dumping cases. In 2005, the percentage had risen to 30.

"China may also face challenges in the new round of multi-lateral trade talks - the Doha Talks - regarding its agricultural safety, financial safety and energy safety," said Sun Zhenyu, China's chief representative to the WTO.

China's trade analysts have urged the government to quicken its reforms and be prepared to handle an increasing number of trade disputes.

"We should greatly improve our trade relations with other economies and pay attention to the risks of rising Renminbi exchange rates," Shan Zhongdong of the Beijing University told Xinhua on Monday.

Long Yongtu, China's chief WTO negotiator and now secretary-general for the Bo'ao Forum for Asia, said the opening up policy can only do good for China.

"So far as I see it, opening up will not damage our economic safety," said Long. "So long as we have a sound system of laws and regulations, and implement them forcefully, we are not afraid of opening up. The more open we are, the more progress we will see."

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