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China selects top 10 news events to commemorate WTO entry

(Xinhua)

18:19, December 08, 2011

BEIJING, Dec. 8 (Xinhua) -- China's Ministry of Commerce and Xinhua News Agency on Thursday jointly selected the country's top 10 news events related to China's entry to the World Trade Organization (WTO) to commemorate the 10th anniversary of the accession.

The top 10 news events are listed as below:

-- China becomes the world's biggest exporter and second-biggest importer

China's exports and imports rose in 2009 against the backdrop of the global financial crisis, making the country the world's largest exporter and second-largest importer, the General Administration of Customs announced on Jan. 10, 2010.

China's trade in goods surged to nearly 3 trillion U.S. dollars in 2010 from 509.8 billion U.S. dollars in 2001, with exports soaring by nearly five times and imports up by 4.7 times.

-- China becomes a core member of world multilateral trade system

A Chinese delegation, led by Minister of Commerce Chen Deming, took part in various negotiations aimed at reaching a breakthrough on agricultural trade and industrial market access, two key areas of the Doha Round trade opening talks, in Geneva in July 2008.

It was the first time China joined core WTO members in negotiations since it entered the WTO, signaling that the country had become a core member of the world multilateral trade system.

-- China removes restrictions on companies conducting foreign trade business

On July 1, 2004, China allowed individuals and companies, including foreigners, to engage in import and export business without obtaining government approval, for the first time in half a century.

The move came six months ahead of the schedule set in line with China's commitment to the WTO.

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