China took another step in its long march toward a market economy last week. Signaling its desire to become a full-fledged member of the world economic community, Peking officially announced that it would seek to join the General Agreement on Tariffs and Trade, the 91-nation group that works to lower trade barriers and sets the rules of international commerce. Western companies eager to crack the vast Chinese market are delighted. Says Bruce Vernor, executive vice president of the National Council for U.S.-China Trade, a group of 400 American firms: "We certainly believe this is another indication of China's commitment to an...
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