China presents its trade policies ahead of WTO's biennial review

A side event was held in Geneva on Tuesday to present China's economic and trade policies ahead of the World Trade Organization's (WTO) ninth trade policy review of China, which takes place from July 17 to 19.

Tuesday's side event aims to help WTO member countries understand China's economic and trade policies from both central and local government perspectives.

Experts and scholars from prominent Chinese institutions, such as China Academy of Macroeconomic Sciences, University of International Business and Economics, Wuhan University, and Southwest University of Political Science and Law, along with representatives from foreign enterprises in China presented insights into the policies, measures and practices China has adopted to achieve high-quality development and a high level of openness.

The discussions covered China's recent economic performance, future prospects and new initiatives in developing new quality productive forces, establishing a unified national market and promoting the growth of the private sector. Specific cases were cited to illustrate China's efforts in expanding openness, optimizing the business environment, and facilitating foreign enterprises' operations within the country.

Li Chenggang, China's permanent representative to the WTO, underscored the significance of the pre-review meeting, emphasizing it as a proactive step in implementing WTO reforms aimed at strengthening the trade policy review mechanism. This mechanism not only enhances transparency in member states' trade policies but also fosters mutual understanding and trust, crucial for the effective functioning of the WTO, said Li. 

In his address, Alexander Keck, head of Global Economic Analysis with the WTO's Economic Research and Statistics Division, commended China's proactive and open approach in preparing for the trade policy review, acknowledging the role of the pre-meeting in facilitating deeper understanding and trust-building among WTO members.

He praised China as the first member to actively practice the outcomes of WTO trade policy review mechanism reforms, underscoring its pivotal role in promoting member participation and interactive dialogue.

Under the WTO rules, members ranked among the world's top four in terms of trade volume have to undergo a review every two years. The trade policy review serves as a vital transparency mechanism for members to raise questions and express concerns regarding each other's trade policies, ensuring clarity on policy directions and commitment implementation.