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China's entry to the WTO on 11 December 2001 began a new phase in China's economic transition as the terms of accession require further fundamental change in China's economic system. Existing studies have focused predominantly on the impact of China's WTO entry on different sectors of the economy or the economy as a whole. One area that has not been adequately discussed is how conforming with the WTO requirements will affect the development of the emerging domestic private economy in China. The challenges facing domestic private enterprises in the wake of the WTO entry are particularly pronounced because domestic private enterprises have historically already faced unequal terms of competition with state-owned enterprises and foreign firms (including jOint venture firms). Nevertheless, China's ability to face the challenges of WTO entry will depend to a great extent on whether the domestic private sector can successfully develop and expand. This is largely because the private sector has already played an important role in the economy, and further development of the private sector will influence the reform program in many areas, including reform of SOEs and state-owned banks (SOBs). Most importantly, vibrant development of the domestic private sector will require market-compatible institution building-the most fundamental task in meeting the requirements of the WTO. Specifically, WTO entry requires transparent and formal procedures in the conduct of business and trade, property rights to enhance incentives and facilitate business transactions, level playing fields to fulfil the obligation for 'national

Entry to the WTO on the domestic private economy