Despite these efforts, it would be extraordinary if China were able to implement all its WTO obligations in full detail and on time. As part of the accession negotiations, the Chinese government has adopted 177 national laws and regulations relating to customs administration, foreign investment management, intellectual property and services, which must be amended to ensure compliance with WTO obligations. Although a beginning has been made, the work of revising all these laws and getting them approved by Parliament will probably take several years. More time will be needed to train judges and develop the necessary institutions and legal processes to ensure that these laws are respected fairly and impartially and that court decisions are enforced. Further integration of China into the global economy serves U.S. interests Although trade disputes between the United States and China remain unresolved, there is little doubt that China`s further integration into the global economy will serve many U.S. interests. First, it will serve our economic interests. China`s commitment to liberalizing the conditions under which foreign companies can participate and invest in telecommunications, domestic distribution, financial services, the entertainment sector and many other services creates significant opportunities in sectors where U.S. companies tend to be internationally competitive. By the 1990s, China was already the fastest growing large foreign market for U.S.
exports of goods and services. The trade and investment liberalization, to which China has committed to the WTO, will improve our access to this market and increase the prospect of a robust economic relationship. Improved access to agricultural products and automobiles is expected to be particularly important for U.S. businesses. In short, China can continue to contribute to the growth of our foreign trade and our trade-related economic well-being. Because China is an efficient producer of a wide range of raw materials, imports from that country can also contribute to low U.S. price inflation. Another reason to expect persistent trade tensions is that China may not be able to fully implement all of its WTO obligations within the agreed timeframe. What is positive is that even before the conclusion of its WTO negotiations, China accepted some of the commitments it made in bilateral negotiations with the United States in 1999 and with the European Union in 2000.