China's market economy status key to world economy

By CCTV reporter Xie Sisi

Tuesday marks eleven years since China joined the World Trade Organization. In the eleven years, China has blossomed into the world’s greatest exporter and second-biggest importer.

To steer the global economy out of stagnation, the US and EU need to take a more active and longer-term approach to rebalance their economies. Experts say an inspiring signal of their resolution to follow such an approach could come from their recognition of China’s full market economy status.

11 years after entering the WTO, China is now the biggest exporter in the world, sending products worth more than 900 billion US dollars worldwide each year. And an average of 750 billion US dollars worth of imports every year is equal to the creation of over 18 million jobs in countries trading with China.

The Vice Dean of WTO Research Institute from University of International Business and Economics says the Chinese economy has undergone some impressive transitions to a more market-oriented system over the past 11 years.

Tu Xinquan, Associate Dean at UIBE China Institute for WTO Studies, said, “China has done a lot to improve its trading environment since it joined the WTO. The government has adjusted related laws and regulations to establish new rules that are in line with the market economy. Of course it takes time and we are still working hard to improve ourselves in the international trade field.

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