Chief Executive Edmund Ho announced that China's accession into the World Trade Organization would bring new opportunities as well as new challenges to Macau. These comments were made after the decision of the WTO ministerial meeting was announced on Saturday.

Edmund Ho said that China's success in joining the World Trade Organization after 15 years of long and difficult negotiations is joyful news for all Chinese. Reformation and an open policy for the last two decades have been fruitful for China, allowing it to gain broader recognition among the international community.

Mr. Ho noted that China's accession into the WTO, and the opening of its economy , would promote growth in the national economy by urging a more rational division of resources/; broadening the internal market/; stimulating foreign investment and enhancing the environment for exports.

The Chief Executive also said that China's economic reform and its integration into the global economy would be promoted after official accession into the WTO.

He said that China's stable social and economic environment, vast market and numerous opportunities would eventually have a positive and profound effect on the global economy.

The Chief Executive noted that with China's accession into the WTO, Macau, as a part of China, would have a wider scope for development and at the same time would face new opportunities and challenges. He added that the SAR would seize these opportunities by exploiting its unique characteristics, thus playing a more active part in the development of China's economy as well as the global economy.