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A: Yes. All these efforts have produced positive results both for the other members of the WTO and for China itself who has made good use of the opportunities offered by the organization. For instance, China’s total volume of import and export doubled from 502 billion US dollars in 2001 to over 1.1 trillion US dollars in 2004, ranking the third in the world only after the united States and Germany. For three consecutive years, the country remained the largest recipient of foreign direct investment with the average yearly figure exceeding 50 billion US collars, showing the improvement of its investment environment in line with the requirement of the WTO. Contrary to the worry of some people that there would be trade deficit after entry into the WTO, China still enjoys a favorable balance of trade of 12 billion US dollars. And China’s foreign exchange reserve increased to 550 billion US dollars, being the second largest foreign exchange reserve next only to that of Japan. The sensitive industries liable to the impact of the WTO entry such as agriculture, automobile, retail business, banking, insurance and telecommunication all registered encouraging development.

9. Are all the worries before China?s entry into WTO groundless? What major

challenges does China still face despite all its achievements? A: 参见答案P.447

Translate the following sentences into English:

1. 关贸总协定体系(现为世界贸易组织)是通过一系列的贸易谈判或回合发展

起来的,它最初有三个基本目标。

The GATT system (now WTO) was development through a series of trade negotiations or rounds. It originally had three basic goals.

2. 加入世界贸易组织对中国有益,因为它将促进中国的改革和发展,提高商品

和服务的质量,降低商品成本和服务费用,刺激投资和创造就业机会,改善法制。

China’s WTO accession will benefit China because it will help advance its reform and development, improve the quality and reduce the cost of goods and services, spur investment and the creation of new jobs, and promote the rule of law.

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3. 世界贸易组织的只要目的是为了促进自由贸易、进一步减少贸易壁垒并建立

更有效的贸易纠纷解决机智。

The main objectives of WTO are to promote free trade, further reduce trade barriers, and establish more effective trade dispute settlement procedures.

4. WTO争端解决机制是当今国际水准上的最为活跃的体系而且对国际法的持续

发展具有重大意义。

The WTO dispute settlement system is the most active one today at the international level and has tremendous importance for the progressive development of international law.

5. 尽管中国取得了很大的成就,但仍然面临巨大的挑战。一部分挑战和竞争来

自农业、银行和保险业,还有一部分来自于一些国家所采取的贸易保护主义措施。

Despite all the achievements, China still faces big challenges. Some of the challenges and competition are from the agricultural sector and banking and insurance industries. And some are caused by the protectionist measures in some countries.

Lesson 22

The United Nations Conference on Trade and Development

Business Knowledge:

(2) The origin of the United Nations Conference on Trade and Development

(UNCTAD)

(3) Objective of UNCTAD

A. General function

B. Specific standpoints of developing countries

a. Concluding more agreements or taking measures to help the new

countries

b. Opening up the market of western nations to manufactures of the new

states

c. Providing more aid to the less-developed countries

C. The idea of a “new international economic order” (4) Organization of UNCTAD

A. As a permanent organ of the General Assembly B. Members

a. All members of the UN and its specialized agencies b. The “Group of 77”

C. Requirement of decision making D. The Trade and Development Board

E. Committees and the International Trade Center F. Permanent secretariat

Terms:

1. Escape clauses免责条款、例外条款

2. United Nations General Assembly联合国大会 3. Invisibles无形贸易= invisible trade

4. Non-discrimination principle (principle of non-discrimination treatment)无差别

待遇

5. Terms of trade贸易条件

6. New international economic order国际经济新秩序 7. Differential treatment差别待遇 8. Preferential customs tariffs特惠税 9. Transfer of technology技术转让

Answer the following questions:

1. Why should the developing countries urge the creation of a new institution

when ECOSOC and GATT had already been there?

A: Because they argued that the problems discussed by these two bodies mainly concerned the economic interests of the developed countries and considered GATT as a “rich men’s club”.

2. What is the meaning of non-discrimination principle?

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A: It is also called Principle of Nondiscrimination Treatment. It refers to the practice or policy of refraining from discrimination, i.e. basic principle to treat all persons or parties equally no matter how rich or poor where no reasonable distinction can be found between those favored and those not favored. It may be reflected in treatment, service or rates.

3. What does “commodity” exactly refer to in the following sentence: “Although

in 1963 there were 43 international organizations dealing with commodity and other trade problems… ”

A: “commodity” here refers to anything bought and sold; any article of commerce.

4. What is the theme of the 11th session of UNCTAD?

A: The theme of the 11th session of UNCTAD is to coordinate development strategies for the promotion of the economic development of the world especially of the developing countries.

5. Could the developed countries benefit from giving aid to developing countries?

Why?

A: Yes, they could benefit from giving aid to the less-developed countries. The western nations would also have an economic interest in bringing greater prosperity to the low-income countries, since their exports to these territories would thus be stepped up.

6. What do you know about the Group77?

A: The less-developed countries of UNCTED are known as the “Group of 77” which was created on 15th June 1964 and at present includes more than 130 members.

7. How do you understand the sentence “support along these lines might be

some kind of compensation for the ?exploitation? of the former colonies”? A: Most of the less-developed countries were exposed to one or more countries’ invasion in their history while some of less-developed countries’ prosperity in some

degree due to the “exploitation” of the former colonies, so support to less-developed countries might be some kind of compensation.

8. What are the specific aims of developing countries? demand for more cash

and trade concessions from the developed countries? A: Their specific aims are to have some Special Drawing Rights.

9. What is the meaning of “at their disposal”? Could you find a similar

expression to replace it?

A: “At their disposal” means “available to use as one wishes”. A similar expression to replace it is “to deal with freely”.

10. How are conference decisions and board decisions made?

A: Conference decisions require a two-thirds majority but procedural matters a simple majority only. Board decisions are taken on a simple majority.

Translate the following sentences into English:

11. 尽管第一次会议没有制定出具体目标,联合国贸易和发展会议的总任务是制

定、协商和实施改善发展进程的措施。

Although no specific objectives were laid down at the first conference, the general function of UNCTAD is to formulate, negotiate and implement measures to improve the development process.

12. 在没有有效协议的情况下,一旦出口收入下降,应立即采用强制的和自动的

补救措施。

In the absence of effective agreements, compulsory and automatic compensatory measures should be introduced as soon as there is a decline in export earnings.

13. 实际上西方国家在使低收入国家繁荣起来的同时,其对这些国家的出口将增

加,因此也能获得经济效益。

The western nations would, indeed, also have an economic interest in bringing greater

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prosperity to the low-income countries, since their exports to these territories would thus be stepped up.

14. 国际经济新秩序主要是要求发达国家提供更多的现金和贸易方面的优惠。 The new international economic order consists mainly in a demand for more cash and trade concessions from the developed countries.

15. 贸易和发展理事会是联合国贸易和发展会议的常设机构。

A trade and development Board is the permanent organ of the United Nations Conference on Trade and Development.