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People's Daily Online>>China Business

Opening up -- China's answer to the past and future


11:13, December 11, 2011

BEIJING, Dec. 10 (Xinhua) -- While China is steering through spectacular yet complicated economic transformation during which ideas clash and wrangle, there is little debate that an open and market-based economy with esteem for laws and rules are the cornerstone of its past miracle and the elixir of future prosperity.

Sunday marks the 10th anniversary of China's accession to the World Trade Organization (WTO). Membership of this trade club, materially, catalyzes China's ascent to the world's second largest economy and a trading powerhouse; and physiologically entrenches the notion of fair play and free market into people's awareness.

The 15-year-negotiation before China's entry, then dubbed a marathon at home, has paid off and manifested the country's determination to embrace common standards and better integrate with the world. After tasting the fruits of two decades of phenomenal growth due to opening up and reform, China's policymakers knew opening further to the outside and moving toward a free, open and transparent market was the answer to a future of economic boom.

To honor its WTO commitments, China slashed the average tariff from 15.3 percent to 9.8 percent, imported goods worth 750 billion U.S. dollars annually, which created at least 14 million jobs for other economies, opened up 100 different areas of the service sector, and rectified more than 3,000 obsolete laws and regulations to adapt to international norms.

Foreign companies also reaped unparalleled benefits from China. In the past ten years, nearly 350,000 foreign-funded companies were set up in China, generating profits of 261.7 billion U.S. dollars, representing a blistering annual growth of 30 percent.

Foreign consumers shared the boon. Affordable Chinese goods saved U.S. consumers 600 billion U.S. dollars, and 300 euros for a family each year in the European Union (EU).

Deeper opening up and interaction lead to more understanding, and also more friction. The low-priced Chinese-made products were blamed for hastening the decline of manufacturing in Western economies and undercutting their jobs. China has become the primary victim in trade remedy probes -- of which exporters have grown accustomed to -- and a regular target in presidential campaigns in some Western countries.

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Leave your comment3 comments

  1. Name

PD User at 2011-12-12220.255.1.*
All the developed countries are promoting exports and restricting imports and crazy China is treading the opposite way. Really NUTS! Indeed, like the Filipino president said, face value is very important in China.
Liang1a at 2011-12-1198.177.138.*
Opening up is selling out.
Nic at 2011-12-11124.13.107.*
China has to be careful: the "Law of Diminishing Return" the buzz-word in economics production will knock at your door one day.Be prepared!

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