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Cover Stories Series 2011> Market-Driven Model> Video
UPDATED: November 18, 2011
Ten Years on: China's Role in WTO

Next month marks the 10th anniversary of China's accession to the World Trade Organization (WTO). Since then, China has grown into the world's second-largest economy, its exports and imports expanded nearly five fold, and the country has attracted over $700 billion in foreign investment. At a press briefing held by the State Council Information Office, Beijing said it's not done yet, as it will continue to open its economy and engage move proactively in globalization.

Assistant Minister of Commerce Yu Jianhua said China is determined to further open up its market, as ten years in the WTO has brought promising results. "We have successfully managed our WTO membership during the past ten years, and have had some good results. Through experience we've also learnt valuable lessons," Yu said.

Having replied to WTO's 3,500 questions about China's trade policy, and put forward over 100 proposals, China has changed its role from a newcomer, to a participant, and promoter of the WTO.

According to the Ministry of Commerce, since joining the WTO, China has lowered the average tariff from 15.3 percent to 9.8 percent. It has also abolished, revised, and staged more than 3,000 laws and regulations for a better trading environment.

In the meantime the Ministry also noted that trade friction cases involving China have mounted to nearly 700 in the ten years, with the United States taking up nearly 100 cases and the European Union (EU) 70. Beijing said it hopes the WTO will not rule such matters politically.

"There are more or less some degree of unjustness in all of the 690 trade friction cases. As China's market economy status hasn't been recognized by some major WTO members, when anti-dumping investigations arise, it is unfair to use an alternative country's standards to calculate China's production costs," Yu said.

At present, nearly 150 countries worldwide have recognized China's market economy status, but other members such as the U.S., Japan and the EU are still delaying the recognition.

(CNTV.cn November 18, 2011)

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