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People's Daily Online>>China Business

Ten years on, challenges remain for China

(Xinhua)

09:51, December 12, 2011

BEIJING, Dec. 11 (Xinhua) -- For China, the past decade is a period of historical changes.

Ten years ago this Sunday, China joined the World Trade Organization (WTO). The WTO membership heralded unprecedented economic growth for China, helping it grow into the world's second largest economy and largest commodity exporter.

The export-oriented economy pattern gifted China with the world's largest stockpile of foreign exchange reserves, which ballooned to 2.85 trillion U.S. dollars by the end of 2010 from only 212.2 billion U.S. dollars in 2001.

Changes for the Chinese people also include buying cheaper cars, enjoying more products of international brands, traveling to more countries and seeing "Made in China" flourish elsewhere in the world.

Although China's economic miracle does not start from December 2001, the WTO membership does help stabilize and accelerate the country's fast expansion, said WTO Director-General Pascal Lamy.

The past decade proves China's WTO entry has brought benefits for both Chinese and the rest of the world, President Hu Jintao said in a keynote speech at a forum to commemorate the 10th anniversary of China's WTO entry.

Besides direct and indirect aids to some least developing nations, China's imports, averaging 750 billion U.S. dollars each year in 2001-2010, helped create employment and investment opportunities for its trading partners.

The past decade has witnessed China's efforts in adapting to the WTO rules and integrating with the world.

Over the past decade, China abolished, revised and adopted over 3,000 laws, regulations and department rules, fulfilled its commitments to the WTO in tariff and non-tariff areas, and further opened its service markets to the outside world.

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