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People's Daily Online>>Opinion

ASEAN benefits from China, Russia's WTO entry

(Xinhua)

19:14, December 06, 2011

JAKARTA, Dec. 6 (Xinhua) -- China and Russia's entry into the WTO (World Trade Organization), the most important events in the past decade of the organization, is now attracting the world's renewed attention to the world trade body, especially during the times of debate about regionalism and globalization.

Recalling China's accession to the WTO in 2001 after 15 long years of negotiations, Sundram Pushpanathan, Deputy Secretary- General of ASEAN for ASEAN Economic Community, said that China's accession to the WTO could be regarded as a "fitting cap" to the program of economic reforms that China started to implement in 1978.

"Opening up the Chinese market for trade and investment, and subsequently allowing its trade regime to be subjected to multilateral rules and disciplines, have resulted in a more dynamic, more vibrant China's economy," Pushpanathan said in a recent interview with Xinhua.

According to ADB's statistics, China's growth rate of real GDP per capita has been steadily on the rise since it acceded to the WTO, soaring from 7.5 percent in 2001 to 13.6 percent in 2007. China is recovering from the latest global financial crisis with a 9.9 percent growth rate in 2010.

"Notwithstanding the above, earlier this year, China has overtaken Japan as the world's second largest economy. If China remains on course, it would not be surprising to see China overtaking the United States as the world's largest economy," he said.

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