Europe, US Guarantee China's Economic Future

WASHINGTON, D.C./USA (25 May 2000)¯The US House has voted to eliminate economic restrictions on China that were part of its anti-Communist policy for two decades. Yesterday, lawmakers voted 237 to 197 to give Beijing permanent normal trading privileges. The move slashes Chinese tariffs on a wide range of farm and industrial products and removes some barriers to American service providers, like banks and telecommunications companies. The decision comes a week after Europe decided to develop closer economic ties with China. Europe's agreement with China, which will take effect once China becomes a member of the World Trade Organization (WTO), will help reduce tariffs on 150 major European imports and make it easier for European businesses to compete in Chinese service industries such as insurance and telecommunications. The only barrier standing in the way is China's joining the World Trade Organization, all but a formality now. Being a member of the WTO will enable China to partake in the policymaking of global commerce. (JW)