China and the WTO: What global players gain from an open China
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It has been over a decade and a half since China's WTO accession. So what has the country done in terms of facilitating global free trade? Xu Xinchen takes a look.
When China joined the World Trade Organization, the country promised to bring down its tariff to a ten percent achieved in 2010. Yet, the country carried on, and has established 11 free trade zones since 2013. Tariffs were further cut. 4.4 percent is the latest average cited by the Ministry of Commerce -- a competitive rate even for developed nations -- helping China's partners save a lot of money.
TANG BEIJIE, DEPUTY DIRECTOR-GENERAL CENTER FOR CHINA AND GLOBALIZATION "China's WTO entry has brought down prices for producers and consumers and created huge market for exporters around the world."
And the country is also helping voices from the developing world to be heard in the global arena.
TANG BEIJIE, DEPUTY DIRECTOR-GENERAL CENTER FOR CHINA AND GLOBALIZATION "China's active disspation in the WTO system has not only reinforced the stronger international rules but also making the multilateral regime on track to increase representation for emerging economies and also developing countries. Making the body more democratic."
But it doesn't mean China gains across the board. The country attracts global appetites with its cheap labor. With global manufacturers pouring into the country, China has to bear the cost.
XU HONGCAI, DEPUTY CHIEF ECONOMIST CHINA CENTER FOR INTERNATIONAL ECONOMIC EXCHANGE "There is no such thing as a free lunch. Some traditional industries were not protected well -- such as agriculture. China used to be soybean exporter but now it relies heavily on soybean imports, especially from the US. And some multinational companies moved their low-end manufacturing bases to China, damaging the local environment and keeping wages low."
On that note, China did not back away from opening up but instead took a more leading role in pursuing sustainable and green globalization -- helping reduce the gap between rich and poor while also protecting the environment. Xu Xinchen, CGTN, Beijing.