China's entrance into the world economy creates new opportunities

World
Europe

03:04

As China releases a white paper on its relationship with the World Trade Organization (WTO), CGTN's Senior Correspondent Tian Wei spoke with Borge Brende, the President of the World Economic Forum (WEF). Brende reflects upon the importance of China's participation in the international economy. 17 years after China's accession to the WTO, its synergy with other nations has spurred growth around the globe.

"China entering the world economy and also becoming part of the WTO not only opened up big opportunities for China for building an export industry, but also opened up huge opportunities for other countries." said Mr. Brende.

The logo of the World Economic Forum (WEF). /VCG Photo

China has 1.3 billion people. It's a large market. Chinese leadership said that we have to now let the Chinese market grow because consumption is increasing. So, as Brende said, "There are big opportunities."

But, when we look at the United States, the US has also grown and seen results based on the world order that they currently enjoy. "The US is 23 percent of the global economy – still the largest one in the world -- and 5 percent of the global population, and maybe 40 percent of the military capacity of the world. So, the US is still doing well," said Mr. Brende.

Recently, China put out a negative list meaning in what areas foreign investors will have access to the Chinese industries. People are wondering how China is being transformed by this process and by this speed.

"I think this is also showing the willingness to be flexible and reach solutions, so we don’t end up in a trade war," answered Brende.

Tian Wei and the President of the WEF, Borge Brende. /CGTN Photo

According to Mr. Brende, China is taking a gradual approach. "If you open up all your markets from the beginning, it is hard to develop the competences yourself, so, the gradual approach that China has shown has also benefited China. But, we also have to admit that it was necessary to build industry and the competence and technology in China."

About the speed, there may be the question of should you move faster or should you move slower? But, "If you look at economic results in China, I think China has stability, China has found a balance there," said Mr. Brende.

World Insight with Tian Wei is a 45-minute global affairs and debate show on CGTN. It airs weekdays at 10.15 p.m. BJT (1415GMT), with rebroadcasts at 4.15 a.m. BJT (2015GMT).