China's Accession Of The World Trade Organization

1422 WordsAug 17, 20166 Pages
With a series reform policies began to take place in 1978, China started to open up its markets and to develop extensive relationships with new trading partners all around the world. China’s accession to the world Trade Organization (WTO) in 2001 has accelerated the growth of its foreign trade still further. The more China’s foreign trade activities mean more trading partners, and china had already established trading relationship with more than 200 countries and regions all around the world. At the same time, annual production volume gradually increased for all major textile product categories, and china gradually began to play an important role in international textile industry trade. The ongoing process of market opening was accompanied…show more content…
Then, the foundation of People’s Republic of China and the implementation of the ‘Five-Year Plan’ accelerated the development of China 's textile industry greatly. But china’s textile industry really started to develop after 1978 when the Chinese government decided to focus on economic reconstruction, and implemented reform policies like the opening policy. And these new policies not only stimulate textile industry development but also enabled china’s textile industry to forge new economic ties with other countries. The development of the national economy, the development of the modern technology and equipment as well as the expansion of foreign trade has made the textile industry become flourishing. Another one of the significant achievements coming in 1983, when china canceled the three decade-long practice of issuing coupons. And in the past, the operation of textile industry in china was under the planned economy, which means raw materials were allocated with low prices which were set by the State, production tasks were assigned by administrative orders and the marketing of finished products was monopolized by State-owned commercial departments. As china began to shift from a planned economy to a market economy, the non-state-owned textile economy has been developing rapidly. While the state-owned textile companies had experienced hard times, non-state –owned textile companies had better economic results, which can be attributed to their
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