To: puddinhead who wrote (4832 ) 11/13/1999 8:07:00 AM From: puddinhead Respond to of 7209
Oh well.............. US Says No Progress on China, WTO; Time Running Out Beijing, Nov. 12 (Bloomberg) -- The U.S. warned that time is running out for China to agree to conditions to join the World Trade Organization, dampening hopes the two sides can reach an agreement before a new round of trade talks begins later this month. ``We came hoping to make progress,' U.S. Trade Representative Charlene Barshefsky said in statement read by U.S. embassy spokesman Bill Palmer. ``We are discouraged that progress has not been made at this point. The clock has nearly run out.' The statement came after Barshefsky and Gene Sperling, chairman of the National Economic Council, agreed to extend their stay in Beijing by a day, raising hopes that an agreement was at hand. She met with Chinese officials for about an hour after the mid-morning statement. The Seattle meetings may usher in a new series of global trade talks to lower tariffs, quotas and other trade barriers in industries from agriculture to autos. Chinese leaders such as Premier Zhu Rongji are pushing for membership to serve as a stimulus for market-based reforms they say are necessary to ensure China can compete in a global economy. Even if the U.S. and China reach an agreement in Beijing, China would also have to reach agreements with Canada and Europe and undergo a number of procedural hurdles, making it unlikely China will have a seat at the table in Seattle this month. Seattle Some U.S. business executives in China said that whatever window of opportunity China may have had to enter the WTO this year is closing fast. ``As a practical matter, after this week I believe the U.S. government is going to be very occupied in dealing with the Seattle ministerial,' said Tim Stratford, vice chairman of General Motors China Investment Corp. ``I think they will simply not be able to focus so much attention on China because of their responsibilities in Seattle.' Stocks of Chinese companies tumbled in Hong Kong after the U.S. statement. The Hang Seng China Enterprises Index, which tracks 43 Chinese state-controlled companies, fell 1.7 percent to 512.26. China Southern Airlines Co., the country's biggest airline by fleet size, dropped 4.8 percent. China Eastern Airlines Co. fell 4.8 percent. Huaneng Power International Inc. fell 4.3 percent. U.S. negotiators have met with top Chinese officials since Wednesday, and lower-level technical talks have also been held. After Barshefsky's first day of talks, the U.S. embassy said the discussions had been ``more detailed and substantive' than recent meetings. Yesterday, Barshefsky met with Chinese trade officials for about 80 minutes. Any delay beyond Seattle could spell trouble for China, which might have to make concessions beyond what the U.S. is now demanding in order to qualify for membership, Richard Fisher, deputy U.S. Trade Representative, told a conference in Washington Wednesday. ``The further we get down this path, the more difficult it is to integrate them into the system,' he said. U.S. companies such as Motorola Inc., a telecommunications company, and Boeing Co., the world's largest maker of aircraft, have pressed the Clinton administration to wrap up an agreement that would give them a wider opening to the world's most-populous nation and bind China to international trading rules.