China's Membership Of Wto

1447 Words6 Pages
Introduction In 2001, China became one of the last countries to join the World Trade Organization(WTO). In accordance with WTO rules, which will ensure the integration of China into the world economy in addition to offering a more predictable environment for trade and foreign investment, China equally agreed to undertake a series of significant commitments that will not only open its economy but will also liberalize its regime. In this paper, I will examine the impact of China’s membership of WTO. A fundamental premise to begin this analysis is to examine why China needs WTO. China Versus WTO – Potential Benefits China can be considered to be a significant success story due to its explosive economic expansion over the past two decades. The country is equally a prosperous one given that its growth rate which averages nearly 10 percent per year and which has created a vast array of new investment and job opportunities – a growth rate that was fuelled by the county’s various reform efforts. It is important to note here that Chinese government’s strategy was to transform the country from a planned economy to a more market-oriented economy. This strategy have made China to influence almost everything in the global economy because its reforms upgraded the country’s status to that of a trading powerhouse whose activities has reverberated throughout the world market(Adhikari & Yongzheng, 2002; Hertel & Walmsley, 2000; Ianchovichina & William, 2002; Rambaugh & Blanche, 2004).
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