According to China's WTO accession commitments, it will realize the full opening up of the financial sector. In the past two years, the pace of reform and opening up of China's financial system has accelerated markedly, and it remains to be seen whether it will be able to cope with the challenges posed by foreign-funded institutions.
Telecommunications
From Dec. 11, 2004, foreign investors will be allowed to enter the basic telecom market, and foreigners can enter the Beijing, Shanghai and Guangzhou markets through joint ventures with Chinese companies, with the maximum foreign shareholding up to 25 percent; and by 2007, the percentage will rise to 49 percent, with no more geographical restrictions.
Automobiles
According to China's commitments after its accession to the World Trade Organization, China's tariffs on imported vehicles and imported parts and components will be adjusted for the last time. Among them, the import tariff rate for complete cars, SUVs and minibuses was reduced from 28 percent to 25 percent, and the import tariff rate for auto parts and components, such as body, chassis, and low- and medium-displacement gasoline engines, was reduced from 13.8-16.4 percent to 10 percent, the lowest in history.
Agriculture
From 2005, China's agriculture in the WTO accession negotiations to fight for the transition period has basically ended, agricultural tariffs have been reduced to the end of the commitment, from 23.2% before joining the WTO to 15.35%, far lower than the world's average tariffs on agricultural products at the level of 62%, than the European Union is also lower than the level of 5.75%, China has become the world's tariffs on agricultural products China has become one of the world's agricultural tariffs in the lowest total level and the most open agricultural market.
Textile industry
According to the Agreement on Textile and Clothing (ATC), WTO members have gradually eliminated quota restrictions on textile and clothing. And China's accession to the WTO coincides with the benefits of its third phase. That is, from January 1, 2002, the restriction of the country successively will not be less than 16%, 17%, 18% of the restriction of the product (in 1990 as the base) to cancel the quota restrictions, to January 1, 2005, all products will be canceled restrictions on the end of the integration process, which also means that each year can be increased by 50 million U.S. dollars in export opportunities. The market looks pretty, the implementation is never easy.
Cultural industry
Accession to the WTO, China's cultural industry is facing both a challenge and an opportunity. Because this challenge may stimulate the cultivation and development of China's cultural industry by a compulsory means. As the experts said, instead of passively undergoing the erosion of foreign culture in an unbalanced market competition, we should take the initiative to treat the challenge as a rare opportunity for the compulsory development of our cultural industry.