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To: Wally Mastroly who wrote (9872)	11/15/1999 10:47:00 AM
From: Wally Mastroly	Respond to of 15132

Summary of the China 'trade deal' - International 11/15/99 9:15 AM ET But the big news this morning is coming out of Beijing, where a late agreement with the U.S. Trade Representative Charlene Barshefsky has resuscitated China's 13-year-old bid to join the World Trade Organization. Under the deal, which came after six days of agonizing negotiations, China agreed to cut its average import tariffs to 17% from 22.1% and make some of its markets more open to American companies. Specifically, China will permit foreign firms to own 49% stakes in Sino-foreign telecommunications ventures. China's not in like Flynn yet, though. It still needs to ink a deal with the European Union before the WTO starts its global trade liberalization talks in Seattle Nov. 30. Hong Kong stocks surged ahead of the deal's announcement, the Hang Seng rising 372.55, or 2.6%, to 14,562.22. Well-founded optimism over China's WTO bid and word of a possible deal between Hang Seng constituent Hutchison Whampoa and Global Crossing (GBLX:Nasdaq) were driving the buying. thestreet.com