China’s WTO Entry Benefits World
(Xinhua News Agency, Dec. 10, 2016. Complete text:) Beijing - Since entering the World Trade Organization (WTO) 15 years ago, China has witnessed robust economic growth, and an increasingly prosperous China has created significant opportunities for countries around the world.
China joined the WTO as its 143rd member on Dec. 11, 2001. Since then, the country has grown into the world’s second-largest economy and largest trading country, while millions of Chinese have been lifted out of poverty.
Changes for the Chinese include buying cheaper cars, enjoying international products and traveling more.
"China’s WTO entry has brought benefits not only to the country’s people, but also for the rest of the world," said Lei Da, economics professor at Renmin University of China.
China has long been vital in helping shore up world economic growth, especially in the aftermath of the 2008 financial crisis. Despite slower growth in recent years, China’s economy still contributes 25% of the world’s growth.
As the vast Chinese market has grown, countries as diverse as Zambia, Australia, Brazil and the US have seen their exports to China soar.
It is clear that China’s strong demand for imports has been a major stabilizing factor amid a sluggish world economy.
China’s imports have surged from $243.55 billion to $1.68 trillion in 15 years, an average annual growth of 10.3%.
For many developing countries, no matter in Asia, Africa or Latin America, the Chinese market has been vital in ensuring growth and development stay on track.
China has also been ready to help poorer partners develop. As the world’s second biggest investor, the country’s outbound direct investment rose for a 13th straight year in 2015, reaching a record high of $145.67 billion.
Dubbed the factory of the world, China manufactures everything from ...
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|Article Title||15-Year Anniversary of China’s WTO Entry|
|Source||Current Digest of the Chinese Press, The, No.49, Vol.5, December 05, 2016, page(s):3-4|
|Place of Publication||Minneapolis, USA|