Editor's note: Zhou Jianjun is an assistant researcher at the Institute of State System Research and School of Economics, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CGTN. It has been translated from Chinese and edited for brevity and clarity. 

On December 11, 2001, China officially joined the World Trade Organization (WTO) and became its 143rd member. This milestone has not only spurred domestic economic development but also injected new vitality into the global economy, contributing tremendously to economic globalization. Over the past 23 years since its accession to the WTO, China has deeply integrated itself into the global economy and is expected to remain committed to pursuing a mutually beneficial strategy of opening up and seeking shared development with other nations worldwide.

China's continued economic expansion: A decisive force propelling economic globalization 

While China's development is attributable to globalization, economic globalization cannot be achieved without China's rapid growth. In 2001, China's GDP stood at $1.34 trillion, accounting for just 3.98 percent of the global economy and ranking sixth worldwide. By comparison, the US's GDP was $10.58 trillion, with China's GDP amounting to merely 12.67 percent of that of the US. By 2023, however, China's GDP had surged to $17.79 trillion, making up 16.9 percent of the global economy and ranking second globally, equal to 65.4 percent of the US GDP. As a result, the G2 framework between China and the US was established. Since joining the WTO in 2001, China's contribution to global economic growth has risen from less than 10 percent to over 30 percent, reaching 32 percent in 2023. This has established China as the largest driver of economic globalization.

China plays irreplaceable role in economic globalization due to its rapid trade development

As the only country with all the industrial categories as defined by the UN industrial classification, China provides the world with affordable, high-quality products, earning for itself the reputation as the "world's factory". At the same time, with a population of 1.4 billion, China also offers an unparalleled mega market for countries worldwide. In 2001, China's gross value of imports and exports totaled $509.7 billion, accounting for just 4 percent of the global market. By 2023, this figure had climbed to $5.9 trillion, representing 12.6 percent of the global total. Thanks to its robust industrial capability and mega market, China has ranked first globally in total goods trade for seven consecutive years and become a major trading partner for over 150 countries and regions. Supported by an extensive global trade network and efficient supply chains, China has played an irreplaceable role in economic globalization.

China plays role of 'stabilizer' and 'buffer', with strong capacity to withstand economic and trade risks

With exceptional resilience and a strong capacity to resist risks, China's economic and trade development has withstood adverse impacts brought about by both internal and external risks. Since 2001, China has overcome domestic challenges such as the SARS epidemic, the Wenchuan earthquake and the COVID-19 pandemic, as well as external shocks including the global financial crisis, the US-China trade war and geopolitical conflicts. Despite these challenges, China has maintained robust growth rates, with its economic output and total value of imports and exports consistently surpassing global averages, placing it among the top major economies. During the COVID-19 pandemic, China's economy was the first to rebound, providing abundant essential supplies to the world and making significant contributions to stabilizing global economic recovery and mitigating recession risks.

China strongly promotes economic system reform to set example for economic globalization

China has consistently aligned itself with global trends and vigorously promoted economic system reform since joining the WTO. In recent years, various reform measures have been implemented, including easing market access, reducing taxes and fees, offering financial support and supporting the growth of the private economy. As of the end of September 2024, the number of private enterprises in China had reached 180.86 million, accounting for 96.37 percent of all market entities, a more than fourfold increase over the past decade. Through the economic system reform, China has continually consolidated the foundation of its market economy, setting an example for economic system reforms for various countries and contributing to economic globalization.

China remains committed to high-level opening-up and contributes to economic globalization

Following its accession to the WTO, China has taken numerous measures to elevate its level of openness. In 2011, the first China Railway Express train successfully commenced operation, establishing a land transport corridor between China and Eurasian countries and significantly enhancing the openness of the country's western regions. In 2013, China proposed the Belt and Road Initiative (BRI), and to date, it has signed BRI cooperation agreements with over 150 countries and 30 international organizations. In addition, China has penned 23 free trade agreements with 30 countries and regions and also signed the Regional Comprehensive Economic Partnership with Japan, South Korea, Australia, New Zealand and ASEAN countries. These initiatives have not only improved China's openness but also facilitated its economic exchanges and trade with other nations, thereby substantially driving economic globalization.

China has always championed trade liberalization and firmly opposed protectionism

In recent years, trends of "deglobalization" and trade protectionism have become prevalent. China has remained steadfast in combating protectionism, opposing tariff hikes and trade barriers, and taking proactive measures to safeguard trade liberalization. On the one end, China has strengthened trade negotiations with the US and EU countries, working to eliminate tariff increases. On the other end, it has significantly lowered tariff thresholds, giving all the "least developed countries" that have diplomatic relations with China zero-tariff treatment for 100 percent tariff lines. In fact, China has voluntarily cut import tariffs multiple times, reducing its overall tariff level to 7.3 percent, close to the average among developed countries. This substantial reduction in tariffs has underscored China's commitment to resisting protectionism through concrete actions, safeguarding trade liberalization and advancing economic globalization.

In addition, China has also adopted other measures to dismantle obstacles and barriers to promote economic globalization. For example, it has encouraged local governments to establish international friendship city relationships with foreign cities, fostering bilateral trade and economic cooperation through these exchanges. To date, China has established 3,064 friendship city (or province and state) relationships with 147 countries across five continents. Expanding local-level international exchanges has built bridges for non-governmental interactions between China and other countries, laying a solid foundation for economic globalization and contributing to its long-term development.