Not all anniversaries are landmarks. And yet, ten years after China joined the World Trade Organization, it is impossible to overlook the consequences of this momentous
A
Not all anniversaries are landmarks. And yet, ten years after China joined the World Trade Organization, it is impossible to overlook the consequences of this momentous decision on the global economy.
Those present in 2001 will recall how difficult the negotiation process was, in fact, it was extraordinary that they even reached an agreement.
The US benefited from the deal but it was far from being the biggest winner. China scooped the largest prize. In areas such as agricultural goods, trade liberalization was nothing short of dramatic. By entering the WTO, Beijing could adopt aspects of international commercial law which would have been more difficult to introduce because of domestic constraints.
The sheer size of China's export market is the most powerful testimony to Beijing's success. But other countries benefited too. Since Beijing' s emergence on the stage of world trade, commerce between emerging markets has enjoyed a significant boost. It can only be a good thing that less developed countries are now trading with each other rather than relying only on Western partners.
B
As for the rich world, the accession of China to the WTO has created new challenges. Consumers have enjoyed cheap Chinese goods. At the same time, European and US companies have struggled to keep pace with ever stiffer competition.
There were also macroeconomic consequences. The low prices of Chinese imports meant that it was easier for central banks in developed countries to meet their inflation targets. This triggered the cuts in interest rates which, in turn, helped to cause an unsustainable credit boom. Now that the bubble has burst, the consequences of China's entry in the trade arena have become painfully apparent.
Ten years on, the future outlook remains mixed. Chinese trade policy still has not evolved sufficiently. Beijing is determined not to let its currency appreciate as it should do. Though there have been modest steps forward in its exchange rate policy, the world's economy is still far from seeing the problems associated with global imbalances resolved.
As for "win-win", well, China is certainly winning. In 2000 it was the world's seventh largest exporter and eighth largest importer of merchandise; in 2010 it was number one and two, respectively. But, as America's increasingly critical assessments of China' s WTO compliance suggests, those trading partners do not always feel like winners. During its relatively brief membership, the world' s second-largest economy has responded to 22 complaints-more than the next three put together.
C
The WTO Secretariat's China Trade Policy Review 2010 had the following summary. At a time of heightened trade tensions around the world as governments manage the economic consequences of last year' s global recession and 12 percent drop in world trade flows, this Trade Policy Review (TPR) of China has highlighted the valuable role that the WTO' s TPR Mechanism plays by increasing transparency, encouraging consultation and cooperation among WTO Members, and helping to avoid misunderstandings and, ultimately, trade disputes when trade frictions arise.
A well-functioning multilateral trading system has contributed considerably to China's sustainable economic growth and development. The global recession had a substantial adverse impact on China's economy as external demand fell sharply from the end of 2008.
The Government' s response of expansionary fiscal and monetary policies, including a Y4 trillion (1334 of 2008 GDP) stimulus package, helped China's economic growth to rebound in 2009 and made an important contribution to global recovery elsewhere, particularly in the Asia region.
D
The global economic crisis has reinforced China's determination to transform.its pattern of economic development, including through structural diversification, improving the functioning of the domestic capital market and strengthening social safety nets for the population. Looking ahead, as the Government pursues policies to increase the role of domestic demand in underwriting China' s growth and to encourage the expansion of the services sector, further liberalization of the trade and investment regimes is called for to foster competition and achieve more efficient allocation of resources in the economy.
There was widespread recognition of China's constructive role in resisting protectionist pressures and boosting global demand during the recent economic downturn, appreciation for China's stepped-up involvement in South-South trade and its duty-free scheme for imports from least-developed countries, and acknowledgment that China has continued the gradual liberalization of its trade and investment regimes, although several members felt that this had slowed down compared to its pace in earlier years.
Now match the statements (1-7) to the letter (A, B, C or B).
1. The accession to WTO helps China to make its commercial law more internationally viable.
2. The global economic crisis has made China's determination to transform. its pattern of economic development even stronger.
3. China has made efforts to adjust its foreign exchange rate but the western countries are still not satisfied.
4. As part of the stimulus package, Chinese government made the 4 trillion RMB investment decision towards the end of 2008.
5. It is widely recognized that China has enhanced its involvement in South-South trade and imported more goods from least-developed countries duty-free.
6. WTO's Trade Policy Review Mechanism plays a positive role in increasing transparency, encouraging consultation and cooperation among WTO Members.
7. China's entry to the WTO enabled European and American consumers to enjoy inexpensive Chinese goods, but their companies are meeting with more severe competition.
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