1、 第 1页 共 12页 郑州大学 商学院金融外文文献翻译 题 目： WTO and Capital Pekings Economy 指导教师： 职称： 学生姓名： 学号： 专 业： 院（系） ： 完成时间： 第 2页 共 12页 WTO and Capital Pekings Economy J effrey J . McMillan ABSTRACT Chinas accession to the WTO is an important event of our economic life in the course of reforms and opening. Therefore, Pe
2、king Municipal Government has established a special research team, which is designated to the study on the subject of Chinas accession to the WTO and its impacts on the economic development of the capital. Here are only some views on the primary results of the research. I. Impacts on the economy of
3、the capital Chinas accession to the WTO means that our country will integrate and participate in the course of the economic globalization with an unprecedented extent and depth, and Peking will be in a brand new environment of development. The requirements of the market system reflected by the free
4、trade principles and rules advocated by the WTO and the industrial orientation implied in the furtherance of the new international division of labor are consistent with the general direction of the economic development of the capital. In front of the wider opening of the market system, Peking, a cit
5、y as the center for international communication, is endowed with resources of advanced technology and education, stronger comprehensive economic power and a fully established foreign-oriented pattern of multiple levels involved in wide fields, and thus Peking is in a more favorable competitive posit
6、ion as compared with other areas possibly with some relative advantages in international competition. Therefore, with correctly determined development strategy and tactics and initiatives in making full use of advantages and avoiding disadvantages, Peking may maximally share the benefits and opportu
7、nities brought forth by Chinas accession to the WTO and reduce the shocks and pulse, hence facilitating the promotion of the economic development of the capital. II. Basic principles to be observed in developing the economy of the capital upon Chinas accession to the WTO Upon Chinas accession to the
8、 WTO, the economic development of the capital shall abide by the principles of comparative advantages and stick to the principles of reforms and innovation and the principles of the balance of focus on both domestic and foreign opening, thus pushing the economic growth and increasingly expanding the
9、 three demands for investment, consumption and import and export. In view of investment, it is initially estimated that for the first years upon Chinas accession to the WTO, the domestic investment growth will be impacted by about 1-2%, the 第 3页 共 12页 growth of the utilization of foreign investment
10、will be impacted by 8-10%, and calculated on the basis of the current investment composition, total investment of fixed assets will witness a growth of 2-3.5%. Based on the elasticity of fixed asset against GDP from 1982 through 1998, the growth of GDP will be promoted by 1.5-2.5%. In view of consum
11、ption, during the initial period, Chinas accession to the WTO will promote the growth rate of total residential consumption by 1-1.5%, and the growth rate of the ultimate total annual consumption will be promoted by about 0.6%, which means that upon complete realization of the agreement commitments,
12、 Chinas accession to the WTO will promote the growth of total residential consumption by 5-6% in Peking, with the growth of the ultimate total annual consumption promoted by about 4%, thus bringing forth the growth of GDP by 2-2.5%. In view of import and export, the export of the traditional advanta
13、geous products of Peking Municipality will witness more growth, especially that of light textile products and mechanic-electrical products. Upon Chinas accession to the WTO, the demands for import of the whole municipality witnesses obvious increase at the growth rate over that of export, and the si
14、tuation of more import than export may not change. In view of employment, general trend is that the sustained economic growth will bring forth the increase of total employment, and the situation of more supply of labor than demand may be alleviated. Especially, the total introduction of foreign inve
15、stment by Peking will witness more growth, and the development of tertiary industry will be accelerated, which may create new jobs though the pressure of employment is still big in a short term. With the accession to the WTO， the economic development of the capital is sure to face a issue of optimiz
16、ation and upgrading of industrial composition. According to our analysis, the industries with more development opportunities of the capital mainly include agriculture, hi-tech, foods industry, light industry, tourism, scientific, educational, cultural and health causes, information consulting indust
17、ry, and exhibition industry. The industries with more challenges of the capital include electronic and communication equipment manufacturing industry, petrochemical industry, auto industry, machinery industry, metallurgical industry, building material industry, financial and insurance industry, comm
18、ercial and beverage industry, transportation and post industry. Accordingly, we will carry out adjustment of industrial composition based on the above-mentioned analysis. III. Impacts on foreign economy and trade of the capital At present, there exists obvious gaps between the foreign trade management system of our country and the requirements of the WTO, which are embodied as follows: （ 1） Incomplete system of laws and regulations；
