NOVEMBER 10, 2001
China moves closer to West
CHINA has made a major step towards becoming integrated into the global economy by finally getting membership of the World Trade Organization - after 15 years of negotiation. The news will lead to China reducing the barriers that exist to free trade and pushing to become more competitive with rival countries. These changes will be phased in during the next five years and will increase opportunities for global firms while also increasing the pressure on Formula 1 to make a bigger impact in China so that they can increase sales amongst China's 1.2bn people.
Sponsors would like to have a Chinese GP and Bernie Ecclestone is talking to Shanghai about a possible deal. There are believed to be other projects as well.
The growth of China may also affect the economic situation in Japan, traditionally a strong F1 market.
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