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July 19, 2009

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Open up market: Long

THE chief negotiator for China's entry into the World Trade Oraganization, Long Yongtu, said yesterday China should push forward opening up the market economy instead of strengthening government intervention in the global financial crisis.

"China's achievements are the result of reform and opening up. Looking back on the financial crisis of 1998, we climbed out of the mire by sticking to the opening up policy," Long told a Fudan University forum.

"It's absurd to think that government interference can heal the world economy after Western countries led by the United States started intervention," he said.

Long, secretary general of the Boao Forum for Asia and former vice minister of Foreign Trade and Economic Cooperation, was the top Chinese trade negotiator who led China into the World Trade Organization.

He noted transnational mergers and acquisitions are a good way to attract foreign investment.

International enterprises buying into Chinese top companies is a good thing and could propel the development of local ones, he said.


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