China's WTO entry produces all-win results
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December 11, 2016 marked the 15th anniversary of China's accession to the World Trade Organization (WTO). Since that moment in 2001, China has grown into the world's second largest economy and the largest goods trader. The country has become better integrated into the global economy and is placing ever more weight on market orientation in its reforms. Its accession to the world's largest trade bloc has achieved winning results for all, with significant contributions made to both domestic and global growth.
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December 11, 2016 marked the 15th anniversary of China's accession to the World Trade Organization (WTO). |
Significant changes at home
China joined the WTO as its 143rd member on Dec. 11, 2001. That event significantly invigorated Chinese companies and the national economy, producing greater-than-expected progress. Millions of its people have been lifted out of poverty thanks to the wide range of China-made products, from garments to bullet trains and industrial robots.
China's WTO entry has played a significant part in its economic development, according to Aleksey Pavlovich Portanskiy, a professor with Russia's National University Higher School of Economics.
The accession has removed many barriers for Chinese products to enter the global market, he added.
Keith Rockwell, director of the WTO's Information and External Relations Division, pointed out that accession considerably lifted China's trade.
"We've seen China's exports increase eight-and-a-half times and imports rising seven-fold. We've seen inward foreign investment into China soar over hundred billion U.S. dollars in each of the last five years. China is now actually investing more and more overseas as well," he stressed.
Great contributions to the world
The country's WTO entry has brought benefits not only to the country itself, but also for the rest of the world.
China's 15 years of WTO membership not only marks its most rapid economic development phase ever, but also is a period when China shares its prosperity with the rest of the world, stressed Gerishon Ikiara, lecturer of international economics at the University of Nairobi.
"The world economy had been led by developed economies for many decades. The growing economy of China is gradually reshaping the global economic landscape," Ikiara said.
China has long been vital in helping stabilize world economic growth, especially in the aftermath of the 2008 financial crisis. Despite slower growth in recent years, its economy still contributes 25 percent of world growth.
As the Chinese market has grown steadily, countries as diverse as Zambia, Australia, Brazil and the United States have all seen their exports to China rise significantly.
China's strong demand for imports has been a major stabilizing factor amid a sluggish world economy.
These surged from US$243.55 billion to US$1.68 trillion in the past 15 years, an average annual growth of 10.3 percent.
Dubbed the factory of the world, China manufactures everything from toys and shoes to bullet trains and industrial robots. From 2001 to 2016, thanks to imported goods from China, consumers around the world saved billions of dollars. Quality, yet inexpensive, Chinese products contribute to an increase in consumer purchasing power and help reduce worldwide poverty.
Companies that opened operations in China have profited. Foreign-invested industrial enterprises reported combined profits of about 15 trillion yuan (around $2.2 trillion) over the past 15 years.
"If you look at the figures it's quite impressive. Obviously, China has been a big contributor to global economy," said Paul Sheard, executive vice president and chief economist at Standard & Poor's Global.
Since its WTO accession, China has influenced economic growth in many regions and made vital contributions to raising incomes and living standards globally, according to WTO Deputy Director General David Shark.
China has made tremendous efforts to open up its market in past 15 years, since joining WTO, and has fulfilled its commitment to the organization, said Yukon Huang, a senior fellow in the Carnegie Endowment for International Peace. China should be considered as market economy, Huang pointed out.
Looking ahead, China will remain a center of trade and other global activity. As China plans to be more proactive in opening up to the world, its stable growth will produce more benefits for the world.
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