As of 11th November 2001, China has eventually become a member of WTO (World Trade Organization), after 15 years of painstaking effort and arduous negotiation. This indicates that China will start opening the markets to the world and has entered a new stage of development. This was a major event of historic significance in China's modernization drive it will certainly exert important and far-reaching influence on China's economic development and social progress. Besides the economy as a whole, it was a remarkable history in every single Chinese people. Accession to the WTO is China's own needs for reform, opening up and economic development. The WTO (its predecessor is the GATT) is an important international organization handling trading problems in today's world, its basic functions are to formulate and supervise the implementation of multilateral trading rules, organize multilateral trade negotiations and solve trade disputes among its members, playing an irreplaceable role in world economic and trade development (Morrison, 2002, p.260).
             It is generally agreed that China benefits much from the accession to the WTO. It will, from many aspects, brings China opportunities for development, which will help it continue to deepen economic restructuring and promote the national economic structural readjustment and the upgrading of industry, it helps expand total employment volume and raise people's living standards; it helps display comparative advantages, further expand exports and make better use of foreign capital; it is conducive to implementing the strategy of "going globe-wide", and to participating in international competition and cooperation in a broader world; it is advantageous to China's participation in the formulation of international economic and trading rules, and to China's share of the benefits brought about by the multilateral trading system and economic globalization (Schwalbach & Qi, 2001).
             However, disadvan...