China is close to joining the WTO Although some idiot american politicos want to keep China out of the organization, a few saner heads understand that joining the WTO may hurt China. WTO membership will force China to open up its markets, and drop exclusionary tariffs. This will be good for Chinese consumers, who will no longer have to put up with shoddy goods, but painful for Chinese producers, who produce said shoddy goods in the first place.

But don't overestimate the great inroads foreign firms may make if China opens its market. China is big and poor and strange, and the local industries are probably smarter and more agile that some give them credit for.