China’s entry into the WTO

China’s Entry into the WTO
China’s entry into the WTO is widely expected. However, as it’s double edged, it will bring us opportunities as well as challenges.
Most people cherish the opportunities and give it a warm welcome. First, they believe it will quicken China’s restructuring , especially of industries and accelerate its overall economic reform. Besides, it will lure much more foreign capital to China, and by setting up more joint ventures and foreign funded enterprises, create countless jobs for job seekers. Most important of all, it will nourish the textile industry and benefit tourism.
However, others fear the great risks and challenges, and therefore, extend a cold welcome. First, they elieve that it will bring crushing WTO pressure on car, telecom and many other industries. To make matters worse, they fear that the great pressure will make many non-profit companies, even the large-and-medium-sized loss-making state-owned enterprises go bankrupt, leaving about 30 million people jobless or laid off. Worst of all, it will intensify the cut-throat competition in the global economic markets.
As for me, I firmly believe the opportunities far outweigh the challenges. As the fiercer competition will make the industries and agriculture mature in the global markets. The post-WTO China will weave an even brighter future in the next century.。