The seventh WTO review of China’s trade policies and practices in Geneva on July 11.

China is a firm supporter of the multilateral trade system, said Chinese Vice Minister of Commerce Wang Shouwen at the seventh WTO review of China’s trade policies and practices, which commenced in Geneva on July 11, 2018.

Trade Policy Reviews are an exercise, mandated in the WTO agreement, in which the trade and related policies of all countries are examined and evaluated at regular intervals.

WTO members expressed their appreciation that China has fulfilled its commitment to open up its market and comply with multilateral rules, making sure relevant domestic legislation and policies are in line with WTO rules.

Wang noted in his keynote speech at the review that since the WTO’s last review of China in 2016, the country has adopted a series of measures for trade and investment liberation and facilitation.

For example, China has been cutting import tax. By the end of 2017, the tax rate of more than 900 taxable items had been reduced, with the trade average tariff dropping to 2.4 percent.

In addition, China has been expanding its market access for foreign investors. Wang explained that it has increased the allowance of foreign shareholding to 100 percent in its banking industry.

Both China and the world have changed a lot over the past 40 years since China’s reform and opening up. What stays unchanged is China’s concept of continuous opening up and cooperation, working to achieve mutual benefit and win-win results with other countries, Wang noted.

He stressed that China also brought important opportunities to world economic growth as well as tangible benefits to its trade and investment partners whilst pursuing domestic development.

Over the past five years, China has been promoting construction of the Belt and Road Initiative and the development strategies of other countries since the initiative was put forward by Chinese President Xi Jinping in 2013.

By the end of 2017, Chinese enterprises had set up 75 overseas economic and trade cooperation zones globally, paying over $1.6 billion to host countries and creating 220,000 local jobs.

Wang pointed out that China will continue to support the multilateral trade system and respond to problems in the process of economic globalization together with other countries, to bring opportunities and benefits to the world.