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• W76990962 abstract "Membership in the World Trade Organization will make China more open to multinationals. Though industries such as banking and insurance may be transformed, in many sectors China's accession to the WTO will have little effect. Nor is membership a done deal-- in either China or the United States. China's recent nomination for membership in the World Trade Organization (WTO) is yet another acknowledgment that with every passing day this once-sheltered nation is becoming more integrated into the global economy. WTO membership certainly does mark a crucial step in the transformation of the highly dynamic Chinese economy. But that transformation would be taking place even without the prospect of membership in any organization. Indeed, the effects of WTO membership on China may be less profound than many people are expecting (exhibit). Although China's markets will be more open to multinationals, whether and how they can defeat state-owned companies and nimble midsize firms remains an open question. Some industries, such as banking and insurance, may be altered fundamentally. Yet others, such as consumer products and electronics, are already highly competitive and open to global competition and thus will see little real change. Local advantage Overall, WTO membership will make China far more accessible to large non-Chinese companies. Access, however, does not mean acquiescence. Formidable state-owned enterprises compete in the Chinese oil, telecommunications services, and transportation markets. These companies may lack world-class productivity and management, but they have strong legacy positions, high aspirations, and lots of knowledge of local markets. In addition, the two- to six-year phase-in period for reducing barriers to competition and investment will give state-owned companies plenty of time to prepare. Even more important are fast-growing midsize companies--such as TCL and The Konka Group in consumer electronics and Ji Tong Communications in telecom--that have shed or hived off their state-owned branches and, unlike their larger brethren, boast very low cost structures and strong management. In fact, such midsize Chinese companies, which are already competing in sectors relatively uncontrolled by the government, could be the big winners in the post-WTO economy. A big impact The most profound change wrought by WTO membership will be the opening of China's distribution channels. Here the impact will be twofold. First, the phasing out of restrictions on distribution and distribution services for most products will create opportunities to pursue distribution or retailing, or both, as businesses in themselves. Second, China's WTO membership will provide companies with the freedom needed to compete in crucial areas (such as after-sales support and channel management) that can become major sources of competitive advantage for those companies. Given the antiquated nature of distribution in China, the opportunities for innovation are huge. Financial services will also experience an upheaval. In banking, WTO membership will sweep away severe restrictions on foreign banks, leaving their Chinese counterparts open to strong competition based on financial talent, quality clients, and technology. In addition, WTO entry will help pry open China's rapidly expanding securities market, until now largely sealed off from foreign investment. In insurance, the lifting of geographic and other constraints will encourage the entry of many life insurance players. However, they are more likely to invest in existing Chinese insurance firms, which are now starved for capital because of rapid expansion, than to build businesses from scratch. Although certain barriers, such as low credit card penetration and an underdeveloped distribution infrastructure, will survive for some time, Internet usage (and everything associated with it) and electronic commerce are by all accounts set to continue on the path of explosive growth. …" @default.
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• W76990962 date "2000-03-22" @default.
• W76990962 modified "2023-09-23" @default.
• W76990962 title "What the WTO Really Means for China" @default.
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