Page 12 • Thursday, September 24, 1998
China makes appeal
to solve finance crisis
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UNITED NATIONS (AP) — Chi
na has been leading efforts to re
solve the Asian economic crisis and
is opening its markets to bolster its
bid for membership in the World
TYade Organization, the country’s
foreign minister said Wednesday.
“China is already qualified for en
try, regrettably, negotiations have
dragged on and on,” Tang Jiaxuan
told the U.N. General Assembly.
For 12 years, China has been
lobbying for entry into the WTO,
the main international body for set
ting fair trade rules and governing
global trade relations. There is gen
eral agreement China should join
the organization, but no agreement
yet on the terms of entry.
Beijing wants to enter as a de
veloping country, meaning it would
have to take only gradual measures
to cut trade barriers. But the Unit
ed States and other major traders
have refused to let China into the
132-member trade body unless it
opens its markets wider.
Since the Asian financial crisis
began in July 1997, China has held
firm to stabilizing its currency, the
renminbi, “for which we have en
dured great pressure and paid a
heavy price,” Tang said.
China’s economic exports rose a
sluggish 7.6 percent during the first
half of the year.
That means it could be diffi
cult for the leaders to meet their
target of 8 percent economic
growth — critical to creating new
jobs and staving off unrest
among millions of workers being
laid off from inefficient, bankrupt
state industries.
There has been talk that Taiwan
may enter the WTO before China.
Although economic relations be
tween them have warmed consid
erably, China — which views Tai
wan as a renegade province — has
said the island must not be admit
ted to the WTO first.
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