China, the 143rd and newest member of the World Trade Organisation (WTO), pledged on Tuesday to play an active role in the global commerce club as its membership formally began.
The stroke of midnight marked the end of a 30-day waiting period for entry, which started when a WTO meeting last month in Qatar approved Chinese accession.
It brings to an end a process of often torturous negotiations which began 15 years ago, before the WTO -- which sets rules for global trade -- even existed in its modern form.
In turn, China's WTO entry marks the beginning of a transformation which will see the world's most populous nation gradually open its markets to the full force of international commerce.
"China will take an active role in the new round of multilateral trade negotiations of the WTO and hopes to play a positive and constructive role along with other members," said a statement by China's Ministry of Foreign Trade and Economic Cooperation released at midnight.
"This is a historic moment in China's reform and opening-up and the process of modernization," added a front page editorial in People's Daily.
"It is an important opportunity to further encourage opening-up measures in a number of directions. It will have a very significant impact on China's economic development," Tuesday's editorial said.
Across a period stretching over several years, China will gradually remove many of the barriers to foreign trade and investment in the country.
Western firms will be able to gain a foothold in a series of previously-restricted markets within China, including telecommunications, banking and insurance.
Tariffs on a huge range of foreign goods entering China, from agricultural products to autos, will be gradually reduced.
The process will take China further down the road away from a state-planned economy towards market-oriented.
Exactly where that journey will end, and what results it will have on the country and its people, remains to be seen, with the only consensus among observers being that the effects are likely to be dramatic.
Analysts say that while some sectors of the Chinese economy, such as textiles, footwear and electronics, could gain under freer trading rules, in other sectors it could prove not very optimistic.
Banking, insurance and heavy industries such as steel and petrochemicals are expected to meet cut-throat competition as WTO rules come into force, allowing foreign firms to compete on a level playing field.
For China's estimated 900 million farmers, who eke out a living on inefficient small holdings and are ill-equipped to compete with better quality, cheaper agricultural imports from developed nations, WTO entry could spell heavy challenges.
WTO entry caps a memorable 2001 for China, which has already seen
Beijing secure the 2008 Olympics and the country's footballers qualify for their first World Cup Finals.
After being unanimously accepted as a WTO member at the group's meeting in Doha, Qatar, last month and the accession protocols, China managed to gain entry before the end of the year.(Agencies)
