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China marks 10th anniversary of WTO entry

(Global Times)

08:37, December 12, 2011

Chinese President Hu Jintao (L) delivers a speech during the high level forum on the 10th anniversary of China's accession to the World Trade Organization in Beijing, capital of China, Dec. 11, 2011. Photo: Xinhua

Chinese President Hu Jintao addressed a high-ranking forum on the subject of "China's Opening-Up Strategy toward the Future" on Sunday morning in Beijing. The forum was held to commemorate the 10th anniversary of China's accession to the World Trade Organization (WTO).

The President said China had increased its level of facilitation and liberalization in terms of trade and investment since joining the WTO, a move that has become the impetus for its international economic growth through utilizing policies of equality and mutual benefits.

"China's general customs duty level has dropped from 15.3 percent to 9.8 percent; having reached and surpassed the WTO's requirement for developing countries," said Hu, "and the country has gained a solid external condition for economic development, and is extending its scope and depth."

He Weiwen, the director of International Business and Economics at the Sino-US Economy and Trade Center, told the Global Times on Sunday that China's import amount in 2010 was 1,100 billion dollars more than that of 2000, thus providing the world with a bigger foreign trade market.

He also said China has gradually transformed itself from just another WTO member to a more active and responsible player within the organization.

It is widely viewed that China's entry into the WTO brought the country rapid economic growth, said He.

"But the more important thing is that during the past ten years, China's legal system has gradually caught up with the rest of the world's, and the Chinese market has been applying international regulations to control itself," He told the Global Times.

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