China's Membership Of Wto

As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.

In performing this reflective analysis on countries that are members of the World Trade Organization, I chose the following; Singapore, China, Germany, Japan, and the United States, placing focus on their GDP, trade to GDP ratio, current account balance, contribution to WTO budget, and their rank in the World Trade.I chose these particular members based on the fact, they were either ranked in the top 5 as exporters and importers or they provided a high Trade to GDP ratio.

Since the market orientated economic reforms were introduced in 1978 (Khan, Hu (1997, P103) China’s economy has seen a 10% increase in Gross Domestic Product (GDP) Per year (Vincellete, Manoel,

Around the world there is a growing system of free trade agreements (FTAs). High-quality free trade agreements can have a significant part in assisting global trade liberalisation. There is considerable discussion concerning a possible FTA between Australia and China. If a fair trade agreement occurred between Australia and China then tariffs would be expected to be eliminated on almost all trade between the two countries. An FTA between the two countries would involve taking into consideration the domestic income and employment impacts on each sector. It would be essential to ensure that non-tariff agreements applied to both counties and did not contradict that trade and economic benefits of tariff elimination. An FTA should go beyond each country’s commitments in the World Trade Organization (WTO) by addressing, to the extent possible, non-tariff measures and increasing transparency in goods trade.

World Trade Organization ( WTO Eng . World Trade Organization (WTO) - an international organization founded January 1, 1995 for the purpose of international trade liberalization and regulation of trade and political relations between the Member States. WTO established under the General Agreement on Tariffs and Trade (GATT) .WTO is responsible for the introduction of new parts as well as enforces the members of the organization of all agreements signed by most countries and ratified by their parliaments. WTO bases its activities on the basis of decisions taken in the years 1986-1994 in the framework of the Uruguay Round and earlier GATT agreements. As of July 2012 , there are different groups of negotiations in the WTO system to address current issues in terms of agriculture, which leads to stagnation in the negotiations themselves .WTO headquarters is in Geneva , Switzerland. WTO chief ( CEO ) - Roberto Carvalho de Azevedo , in the state of the organization about 640 people. On March 2, 2013 the WTO consisted of 159 countries .

Over the years, the World Trade Organization (WTO) has prided itself as the central element in the international economic management system across the world. This system incorporates other international bodies such as the World Bank, the International Monetary Fund as well as a series of other regional trade regimes that are growing. Collectively, these structures provide a mechanism that addresses international economic interdependence as well enhancing economic interactions that offer the promise of maximizing social welfare across the globe. These aspects have been brought about due to the focus given in the post-Cold War era where international relations have evolved beyond a narrow emphasis on politico-military affairs.

After almost 15 years of negotiations, China successfully entered the World Trade Organization on December 11, 2001. In less than three years since its accession, while China’s progress has been somewhat behind schedule, the country has made very significant changes that have helped transition it to a market economy and open the country to the multilateral trading system.

In the early 2000s when China joined the World Trade Organisation (WTO), one of its most important political-economic strengths began. Their entrance in the WTO boosted their international trade relations and attracted foreign direct investment), resulting in rapid economic growth. According to Lo, “WTO membership has not only offered China greater access to the world market, but it has also acted as an external discipline on China to push domestic structural reforms forward and break down the entry

In the past China was not to able sustain its own economic well being, let alone be an economic super power. The standard of living in China was so low, that something as simple as a light bulb was a luxury (Fogel, 2006). After the Cultural Revolution and Communism set in, China’s economic luck started to change. Between the years 1978 and 1998, a mere twenty years, China’s Gross Domestic Product (GDP) has grown an average of eight percent annually. The eight percent annual GDP growth has made China one of the fastest growing economies in the world (Fogel 2006).

China has undergone dramatic change in the past few decades. In contrast to its isolation from the international community in the 50s and 60s, China today is not only a member of virtually every international organization but even has the potential power to question and reshape the structure and norms of the institutions it has joined. No other country has undergone as total a transformation as has China during the last quarter of the twentieth century. The great change could be traced back to 1978 when Deng Xiaoping and his associates launched a reform that has changed the country in all spheres. Under Deng’s leadership, a step-by-step opening policy was introduced concurrently. The government shifted the economic strategy to emphasize the production of goods to sale abroad; five special economic zones were established as means of encouraging foreign investment; the country has joined a large number of UN-affiliated institutions that are setting the ground rules of the 21st century in respect of open trade arrangements, security partnerships, arms control regime, war against terrorism, environmental preservation, and defense of human rights (though not without conservation).

China in the 1980s was characterized by the economic reforms of Deng Xiaoping. After the death of Mao Zedong, the new supreme leader of China launched his “reform and opening” program that drastically overhauled China’s financial sector. China wanted access to world markets for trade, investment, and technology. For this to happen, China needed to demonstrate to the world its

In today’s world, China dominates the news outlets every day. The world’s most populous country is now the number one economic superpower according to the International Monetary Fund’s rankings. China has shown no indication of slowing down, pursuing projects all over the globe especially in developing countries in Africa. Late arrival to the neo colonialist games has definitely not deterred their lofty aspirations. China’s reemergence as a global superpower is a throwback to the period before the Industrial Revolution when they contributed close to 30% of the entire world’s GDP. It is staggering how China has been able to reverse the United States and Europe’s global economic stronghold. Hence, this paper analyzes Chinese economic reform

The China case was more long and complex than most accession case due to number of reasons: firstly, the country is the largest trading nation in the world and second largest sources of the United States (U.S.) deficit, so it lured a lot attention among all current applicants for joining the WTO. The accession of China will have a significant impact on these there: the restructuring of China 's domestic economic, the WTO, and the international trading environment. In addition, the accession points out many distresses for many scholars ' and policy-makers regarding the advantages, disadvantages and future of the WTO with or without China. More importantly, the entry of China into the WTO directly affects accession of another applicant, Taiwan, which has existing unsettled disputes between both countries.

Trade regulation policies can vary based on the imports and exports of the country. China is one of the biggest emerging economies, with immense potential to

1. WTO Accession and Environmental Consequences China’s accession to the World Trade Organization (WTO) is an important event for both China and the WTO. Accession will accelerate and modify the processes of structural