金融经济外文文献翻译

郑州大学商学院金融外文文献翻译

题目：WTO and Capital Peking’s Economy

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WTO and Capital Peking’s Economy

J effrey J . McMillan ABSTRACT

China’s accession to the WTO is an important event of our economic life in the course of reforms and opening. Therefore, Peking Municipal Government has established a special research team, which is designated to the study on the subject of Ch ina’s accession to the WTO and its impacts on the economic development of the capital. Here are only some views on the primary results of the research.

I. Impacts on the economy of the capital

China’s accession to the WTO means that our country will integrate and participate in the course of the economic globalization with an unprecedented extent and depth, and Peking will be in a brand new environment of development. The requirements of the market system reflected by the free trade principles and rules advocated by the WTO and the industrial orientation implied in the furtherance of the new international division of labor are consistent with the general direction of the economic development of the capital. In front of the wider opening of the market system, Peking, a city as the center for international communication, is endowed with resources of advanced technology and education, stronger comprehensive economic power and a fully established foreign-oriented pattern of multiple levels involved in wide fields, and thus Peking is in a more favorable competitive position as compared with other areas possibly with some relative advantages in international competition. Therefore, with correctly determined development strategy and tactics and initiatives in making full use of advantages and avoiding disadvantages, Peking may maximally share the benefits and opportunities brought forth by China’s accession to the WTO and reduce the shocks and pulse, hence facilitating the promotion of the economic development of the capital.

II. Basic principles to be observed in developing the economy of the capital upon China’s accession to the WTO

Upon China’s accession to the WTO, the economic development of the capital shall abide by the principles of comparative advantages and stick to the principles of reforms and innovation and the principles of the balance of focus on both domestic and foreign opening, thus pushing the economic growth and increasingly expanding the three demands for investment, consumption and import and export.

In view of investment, it is initially estimated that for the first years upon China’s accession to the WTO, the domestic investment growth will be impacted by about 1--2%, the growth of the utilization of foreign investment will be impacted by 8--10%, and calculated on the basis of the current investment composition, total investment of fixed assets will witness a growth of 2--3.5%. Based on the elasticity of fixed asset against GDP from 1982 through 1998, the growth of GDP will be promoted by 1.5--2.5%. In view of consumption, during the initial period, China’s accession to the WTO will promote the growth rate of total residential consumption by 1--1.5%, and the growth rate of the ultimate total annual consumption will be promoted by about 0.6%, which means that upon complete realization of the agreement commitments, China’s accession to the WTO will promote the growth of total residential consumption by 5--6% in Peking, with the growth of the ultimate total annual consumption promoted by about 4%, thus bringing forth the growth of GDP by 2--2.5%. In view of import and export, the export of the traditional advantageous products of Peking Municipality will witness more growth, especially that of light textile products and mechanic-electrical products. Upon China’s accession to the WTO, the demands for import of the whole municipality witnesses obvious increase at the growth rate over that of export, and the situation of more import than export may not change. In view of employment, general trend is that the sustained economic growth will bring forth the increase of total employment, and the situation of more supply of labor than demand may be alleviated. Especially, the total