The five-year transitional period after China's accession to the WTO ended on December 11. Pioneered by the financial industry, China's economy is more open to the outside world. Under China's commitments to the WTO, the banking sector is fully opened as of that day, which means foreign banks can enter the renminbi retailing business.
Two years ago, the insurance sector was fully opened to foreign companies and the securities industry has also shown signs of opening up.
The country has not only fulfilled its WTO commitments, but is going far beyond its commitments.
China reduced its overall tariff level from 15.3 percent in 2001 to 9.9 percent in 2005 and drew up or revised more than 3,000 laws or regulations during the past five years.