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A Conference 2001 Program entitled “ China after WTO entry: opportunities and challenges (2001),” analyzed and discussed potential obstacles that China must overcome as a new member of WTO. The greatest impact is on China’s key industries in the economy: telecommunication, automobile, financial service and IT. Foreign companies are now able to invade into markets that used to be guaranteed to the local companies. For example, the telecommunication industry now must consider using international capital and technology to increase efficiency in order to compete with the better-developed foreign companies. On the other hand, social impacts are also of concern. In China, many local regulations are not compatible with WTO regulations. The governments have to revise them or constitute new laws to be compatible with WTO regulations. State-Owned Enterprises also cause problems that need to be solved. State-Owned Enterprises traditionally had laws to shield them from outside competition, but entrance into the WTO forbids these regulations. That means the State-Owned Enterprises will have to improve their technology and equipment to survive the influx of foreign competition. In conclusion, China’s economy and society face many challenges after WTO entry, for they must be versatile enough to adapt to the changing world.
