WTO starts two-yearly re­view of China's trade pol­icy

The Pak Banker - - BUSINESS -

The World Trade Or­gan­i­sa­tion(WTO) kicked off a reg­u­lar re­view of China's trade pol­icy on Wed­nes­day, en­abling mem­bers to ex­am­ine China's trade pol­icy and prac­tices over the past two years.

Wang Shouwen, head of the Chi­nese del­e­ga­tion and China's Vice Min­is­ter of Com­merce, briefed trade rep­re­sen­ta­tives on China's eco­nomic de­vel­op­ment, progress in the trade and in­vest­ment sec­tor, ma­jor re­form mea­sures and open­ing-up steps, par­tic­i­pa­tion in the mul­ti­lat­eral trad­ing sys­tem, and as­sump­tion of the role as a re­spon­si­ble ma­jor coun­try.

"New ap­proaches have been adopted in macroe­co­nomic reg­u­la­tion. New growth driv­ers have been cul­ti­vated and tra­di­tional ones re­tooled. In par­al­lel with the rea­son­able ex­pan­sion of to­tal de­mand, the sup­ply-side struc­tural re­form has been stepped up," Wang ex­plained. Ac­cord­ing to the of­fi­cial, re­form mea­sures were be­ing un­folded across the board.

Among oth­ers, re­forms of the ad­min­is­tra­tive ex­am­i­na­tion and ap­proval sys­tem have been ad­vanced, as have re­forms re­lat­ing to the in­dus­trial and com­mer­cial reg­is­tra­tion sys­tem, the fis­cal and tax­a­tion and fi­nan­cial sys­tems and the for­eign in­vest­ment ap­proval sys­tem.

Wang also men­tioned the open­ing up steps China has un­der­taken since the pre­vi­ous re­view in July 2014. "Ef­forts have been made to build a new open eco­nomic sys­tem, pro­mote in­no­va­tive growth of for­eign trade and en­cour­age bal­anced de­vel­op­ment of two-way in­vest­ment," he high­lighted.

These ef­forts have contributed to China's on­go­ing eco­nomic suc­cess and de­vel­op­ment.

"In the past two years, China's econ­omy has been grow­ing steadily at a medium to high speed and with a better qual­ity," Wang said.

"In 2015, GDP in­creased by 6.9 per­cent, over 13 mil­lion new jobs were cre­ated in the ur­ban areas... China be­came the largest trad­ing part­ner of more than 120 coun­tries and re­gions," he added.

Wang high­lighted the set­ting-up of three Pi­lot Free Trade Zones in Guang­dong, Tian­jin and Fu­jian and the es­tab­lish­ment of the Asian In­fras­truc­ture In­vest­ment Bank and the Silk Road Fund, moves that were hailed as part of China's new round of open­ing up. He also noted that since its ac­ces­sion to WTO in 2001, China has ac­tively as­sumed its re­spon­si­bil­i­ties as a ma­jor de­vel­op­ing trad­ing na­tion, hav­ing cut its over­all tar­iff level from 15.3 per­cent to 9.8 per­cent and opened up 100 ser­vices sec­tors.

It has also played an ac­tive role in Doha De­vel­op­ment Agenda ne­go­ti­a­tions and showed its sup­port for the mul­ti­lat­eral trad­ing sys­tem through con­struc­tive ac­tion and key ini­tia­tives.

Bei­jing has also fully as­sumed its role as a re­spon­si­ble ma­jor coun­try, ac­cord­ing to Wang.

China has been the largest ex­port mar­ket for the Least De­vel­oped Coun­tries(LDCs) since 2008...and is an ac­tive cham­pion of South-South Co­op­er­a­tion. Over the past six decades, it has pro­vided as­sis­tance of over 400 bil­lion yuan($59.87 bil­lion ) to 166 coun­tries and in­ter­na­tional organizations,ac­cord­ing to Wang. He also re­minded that China has al­ways ful­filled its du­ties and obli­ga­tions as a WTO mem­ber. Some 1,800 writ­ten ques­tions were sent by 34 mem­bers, Wang said, adding that this set a new record for China's trade pol­icy re­view.

Such re­views are man­dated by WTO agree­ments, and give mem­bers the op­por­tu­nity to ex­am­ine and eval­u­ate at reg­u­lar in­ter­vals mem­bers' trade and re­lated poli­cies. Sig­nif­i­cant de­vel­op­ments that may have an im­pact on the global trad­ing sys­tem are also mon­i­tored. All WTO mem­bers are sub­ject to re­view, with the fre­quency of re­view depend­ing on the econ­omy's size.

The United States, China, the Euro­pean Union and Ja­pan are re­viewed ev­ery two years.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.