China keeps word to WTO along bumpy road

XIAMEN, Sept. 9 (Xinhua) -- It takes about five years of intricate talks on average for a candidate nation to join the World Trade Organization (WTO), but for China, such a process took 15 years plus five months.

China's prolonged and uneven journey to the WTO manifested its incompletion under the framework of global trade, as 10 years ago when the talks were started, China remained relatively secluded from the common trade rules and standards.

In the 10 years of WTO membership, China fulfilled its commitment by lowering tariffs, demolishing non-tariff barriers and widely opening up the domestic market. It also revised laws and regulations in accordance with WTO rules and took concrete steps to promote market reforms.

Ten years on, China has become the world's biggest exporter and the second largest importer, but it has also suffered the most from trade protectionism. Its low-price products gender antipathy from not only developed nations but also emerging economies that have front competition with China.

China will continue to vigorously push forward the opening up policy to facilitate global trade and investment, Commerce Minister Chen Deming told a forum held at the 15th China International Fair for Investment and Trade (CIFIT), which opened Wednesday in the southeastern coastal city of Xiamen.

September 9, 2011

Source: Xinhua News