China has promised to abide fully by World Trade Organisation (WTO) rules following the organisation's decision on Saturday to admit the world's most populous country as a member.
The ruling, which will not come into effect for a month, ends 15 years of negotiations that almost collapsed this year over access to the Chinese market for foreign insurance firms. China's Trade Minister, Mr Shi Guangsheng, told the WTO's Ministerial Conference in Doha that his country's membership would benefit both China and the rest of the world.
"It will inevitably exert a widespread and far-reaching impact on China's economy and the world economy in the new century.
"After its accession, China will, on the basis of the balance between rights and obligations, abide by the WTO rules and honour its commitments while enjoying its rights," he said.
The WTO yesterday accepted Taiwan as a member, a move China had to accept as a condition of its own entry.
The EU Trade Commissioner, Mr Pascal Lamy, expressed satisfaction at what he described as a moment the WTO had been working towards for 15 years.
"With China's accession, we put the W into WTO. As an old hand of the European Union, I know what it's like to enlarge families.
"The prospect and the moment itself fill you with joy. That's what we're feeling now. We also know that the family will have to adjust to take account of a new member the size of the People's Republic. China also has a great deal of adjusting to do," he said.
Under the terms of its accession to the WTO, China must open its markets to other countries - but the deal includes safeguards to ensure that the threat to Chinese firms is limited.
