China's WTO Entry to Boost Macao and Hong Kong Economies

China's newest special administrative region, Macao, is already a member of the World Trade Organization (WTO), giving China an edge when it eventually joins the international trade group. According to An Min, an assistant minister of the Ministry of Foreign Trade and Economic Cooperation (MOFTEC), China's entry into WTO will bring more business opportunities for Macao and Hong Kong. Macao and Hong Kong businesses are familiar with international trade rules and have gained valuable experience from years of operation on the mainland, making them well-positioned for growth after China's WTO entry.

Key Takeaways:

• Macao has advantages in market entry, anti-dumping policies, telecommunications, financial, and insurance services, providing a competitive edge in international trade.
• China's entry into WTO will create more business opportunities for Macao and Hong Kong due to their familiarity with international trade rules and years of operation on the mainland.
• Mainland-invested companies will continue to be an important force in Macao's long-term economic development, as highlighted by the central government's emphasis on their role.
• An Min encouraged Macao businesses to participate in the mainland's reform of State-owned enterprises, citing foreign businesses' ability to acquire small and medium-sized enterprises on the mainland.
• As of the end of October, 6,384 projects with direct investment from Macao had been established on the mainland.

Statistics:

• Macao has 6,384 projects with direct investment on the mainland as of the end of October.
• The central government has emphasized the importance of mainland-invested enterprises in Macao's economy.

Sources:

• XINHUA
• China Daily
• Ministry of Foreign Trade and Economic Cooperation (MOFTEC)