Taiwan has become a new member of the World Trade Organization. An excerpt on how it has prepared itself to meet the challenges of stronger ties to its global trading partners.
Implementing fundamental judicial restructuring to handle international trade disputes is an urgent task facing the Chinese leadership. It is a task that will determine China's success in its economic reforms.
China's WTO accession will be a historic event with profound influence on both the international community and China itself, and particularly regarding international trade issues and disputes.
Traditionally, foreign investment enterprises (FIEs) could only raise capital by means of bank loans and private equity placements. This restrictive capital-raising situation for foreign investment enterprises has now come to an end.
As part of its terms of entry to the World Trade Organization, China has agreed to open up its insurance market significantly to foreign insurance services providers.
Enhancing trademark protection is another crucial aspect of China's commitment to meet WTO-imposed requirements. China's newly revised trademark law offers the prospect for greater intellectual property protection in future.
As a WTO member, China will be required to provide "national treatment"1 to foreign investors in various service industries. This includes the telecommunications sector.
China's recently-amended Copyright Law aims to bring China's intellectual property rights protection more into line with international conventions as the country faces renewed scrutiny as a WTO member.
With China's WTO accession and the corresponding relaxation of restrictions on distribution services, foreign investors will have a greater opportunity to expand their businesses.