China releases white paper detailing relationship with WTO

World Today

China has released a white paper on its commitments, position and policies regarding the World Trade Organization. The document outlines China’s achievements and contributions to the global economy since it joined the WTO in 2001.

CGTN’s Wang Qiwei reports.

Joining the WTO was a milestone for Beijing’s reform and opening up program as it looked to integrate into the global economy. The white paper gives a full account of the country’s achievements since joining.

“The country’s WTO entry 17 years ago set off continuous improvement in the living standards of the Chinese people, rapid economic growth, and more importantly, the accelerated integration of the commercial interests of China and the rest of the world,” Chinese Vice Minister of Commerce Wang Shouwen said.

The paper outlines how China has regularly been a significant contributor to global and economic growth. When it joined the WTO, it was importing goods worth about a quarter of a trillion dollars annually. Last year, that figure jumped to nearly two trillion.

China has also been a magnet for foreign direct investment. In the same period, it increased from nearly $50 billion to more than $130 billion. However, the government holds that China is now in a position to push for much more.

“We should insist on equal participation and transparent and open discussions. We must respect the will of the majority of the members, in particular, focus on the concerns of the developing countries,” Wang said.

The white paper argues that protectionism and unilateralism are posing severe challenges to the global, multilateral trading system. It calls on all countries to share the burdens of globalization. 

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