After its【L1】______to the【L2】______in 2001, China has taken steps towards opening up its【L3】______. As a condition for joining the WTO, China【L4】______itself to a【L5】______of trade liberalization, including the reduction of tariffs on cars and agricultural products. These tariffs reductions are both【L6】______and there is【L7】______for China to【L8】______at a faster pace. A【L9】______of【L10】______and a more rapid and profound reduction of import tariffs would【L11】______of those Chinese consumers who would【L12】______imported products at lower prices. Second, a higher【L13】______into China would take away much upward pressure on the Renminbi and provide a true and lasting【L14】______to solving current global【L15】______. Indeed, even a modest【L16】______in the opening-up process would go a long way towards solving the problem. The opening up of China’s markets to international competition should【L17】______deep reforms. Banks should be recapitalized, bad loans provisioned fully and state-owned companies’ runaway indebtedness【L18】______. Only when real progress in these areas is made should China begin to consider a reform to its【L19】______. Doing it any earlier would be highly【L20】______.【L16】