Tofreetrade

China seeks treatment corresponding to its role as an active WTO member

Back in 2001 china’s admission to the World Trade Organization (WTO) was a watershed event for the organization, its members and China itself. December 11, 2016 marked the 15th anniversary of China’s admission to the WTO. The country has since become better integrated with the global economy and gained a strong foothold in global trade. In addition to being the world’s second largest economy, China is now the world’s largest trader in goods, the second largest destination for foreign investment and the third largest outbound investor. China’s forex reserves also far outstrip that of any other country.

China’s reforms have always headed toward more market orientation, and WTO membership has become the most significant driver of this process.

Over the past 15 years, China has strictly adhered to WTO rules by gradually reducing tariff levels and by January 1, 2010, had fulfilled all the tariff reduction promises it made in joining the WTO ahead of schedule.

The nation has long been an advocate of free trade, as evidenced by the fact that it has to date signed 14 free trade agreements with 22 countries and regions.

Over the years, to comply with WTO rules, China has amended more than 2,300 laws and regulations, and rewritten more than 90,000 local statutes. Moreover, it actively participates in setting the rules for global trade and in settling trade disputes on the basis of these rules.