The opportunities for development brought to us by WTO accession are not wolves. World trade rules must be followed by every member country. The WTO will bring to China a long-term opportunity for economic development and prosperity and an international development environment. After the full liberalization of China's lubricants market in 1992, the world's multinational oil companies have entered China, established offices, established sales networks throughout the country, wholly-owned or joint ventures to build lubricant blending plants.
China's brand-name companies in the lube industry have accumulated some experience in participating in fierce market competition from the international community. The pressure of competitive competition will not only be imposed on Chinese national companies, the competitive environment and economic order will become more fair, and foreign-invested companies will also enjoy national treatment in taxation and other aspects. The legal system will be more sound. Informal counterfeit and shoddy product manufacturers are expected to be restrained, market order will be better, and market competition will be more fair.
Foreign investment will surely enter the Chinese market. This will promote the overall development of the Chinese economy and the overall upgrading of the industrial structure. Create new job opportunities. Chinese companies will also enjoy the benefits of tariff rates. On the one hand, China’s lubricant companies will be able to make full use of both domestic and international resources and reduce base oils, additives, etc. due to the reduction of China’s import tariffs, which will facilitate the global procurement of raw materials. The cost of raw materials; on the other hand, it enjoys low-tariff treatment among WTO members, which avoids the unfair treatment that Chinese products have received in some countries or regions in the past, and helps Chinese companies develop international markets and improve the structure of their export products. Expand the scale of exports.
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