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People's Daily Online>>Opinion

China's entry into WTO benefits world economy

By Zhao Jianying (The Economic Daily)

08:01, December 09, 2011

Edited and translated by People's Daily Online

As 2011 marks the 10th anniversary of China’s entry to the World Trade Organization (WTO), the Economic Daily recently interviewed Yi Xiaozhun, China’s permanent representative to the WTO, about the accession’s impact on the country’s integration into the world economy and the global trading system as well as its contribution to the establishment of a new international economic and trade order.

Reporter: What changes have occurred in China’s economic and trade structures during its integration into the world economy and the global trading system after the accession to the WTO? What changes have left the deepest impression on you?

Yi Xiaozhun: The accession to the WTO has not only added impetus to China’s economic development but also has accelerated its integration into the world economy and the global trading system.

First, the opening of the Chinese market has boosted the economic development of both China and the rest of the world. After the country implemented the zero-tariff policy, Chinese and foreign enterprises have been subject to similar qualification requirements to access international markets. While feeling the pressure from foreign competitors, Chinese enterprises have seized more development opportunities.

Second, joining the WTO gave China an opportunity to accelerate its economic development. Joining the WTO means that China obtained a large and stable global market for its products and services. It was this stability that helped China's exports rank first in the world and made China a large export country of industrial products. China's normal trade activities in the global trade system could also be guaranteed by laws of the WTO.

Third, trade policy has turned into an important basis for China’s legislation. In order to help more Chinese enterprises to enter the global market and obtain their market shares, researching international trade rules and laws had turned into an important basis for China's legislation of various levels.

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