The Impact Of WTO On Hubei Private Economy

During the tenth five-year plan, our Party (CCP) and nation had a clearer understanding of private economy and issued a series of guidelines, policies, laws and regulations, thus creating an excellent environment for its development. Hu Bei province echoed these policies and requirements actively, took it as a breakthrough point to propel economy and made great efforts to develop private economy.With the speeding up of private economy, the environment for private economy development in our province has changed substantially due to China's entry into WTO. After the entry, the market in our province has gradually become more open and will be linked up with international market on a full-scale basis after the expiration of"Transition Period"on Dec.11th.2006. By that time, foreign merchandize, capital, technologies and multinational corporations will make their way into Hu Bei market, bringing opportunities for private economy development as well as unfavorable influences. The private economy in our province will encounter grim challenges in terms of trade in goods, in services and in goods-trade related intellectual property, as it is still weak and not competitive. To deal with the challenges from WTO entry, the various levels of government in our province should transform functions, speed up intermediary organization construction, reinforce intellectual property protection and properly protect young industries to create a good environment for private economy development.