Why did China’s leaders place so much importance on the accession to WTO? The most widely cited reason for China’s push to join is to keep the process of reform going. In many ways, the WTO membership was the best way for China to hold economic growth. The world economy has become much more complex and interdependent, and China's participation - based on the rules of international trade - was essential for China and for the rest of the world. As a WTO member, China would be able to participate in the formulation of rules governing international trade and investment. At the same time, China would be able to protect its trade interests using the existing WTO dispute settlement system. Chinese exporters will benefit from the fact that their trading partners must comply with WTO rules. This means, for example, that WTO members will not be able to take on discriminatory measures against Chinese goods. Another factor was a result of watching the technological revolution of the 1990s. Chinese leaders wanted China to participate in these developments, and this would be much easier if China was seen as a satisfying economic partner. Cooperation with WTO would also include protection of intellectual property (Prime, 2002). WTO membership is also expected to attract more foreign investment, some of which would bring desired new technology or help enhance China’s own capabilities for technological development. The fact that China joined the Information Technology Agreement, which phases out all tariffs on information technology products by 2005, gives credence to this as one factor supporting membership (Prime, 2002). China’s exports have increased substantially throughout the reform period, helping China earn foreign exchange for needed... ... middle of paper ... ... issues. Finally, China wanted to make sure that Taiwan did not join first so that China would have a say in that economy’s status in the organization (Prime 2002). Overall, China's participation in the WTO would promote the reform process, stimulate the expansion of foreign investment in Chinese economy, make a positive impact on the development of the service sector, so China would become a rule setter in the global trading community. Speaking at the WTO Ministerial Conference in Qatar, head of Chinese delegation Shi Guangsheng said that participation in the multilateral trading system is currently the only possibility to derive maximum benefit from the developing world in the process of economic globalization. Works Cited Prime, P. (2002), “China and WTO: How, Why and What Now?”, Business Economics, Vol.37, April. Retrieved from http://www.chinacenter.net/
China's record of human rights violations is long and mind-boggling. Atrocities such as purging tens of millions of people during the Cultural Revolution, its infamous one-child-per-couple Population Policy, persistent oppression of Tibet and the bloody June 4 massacre at Tienanmen Square in 1989 have given the Chinese government a reputation of having little respect for human life. And yet, despite its tarnished record, China maintains its Most Favoured Nation trade status with the US and is one of Canada's top ten recipients of bilateral trade. As supposed supporters of human rights, Canadian and US governments have developed hypocritical attitudes toward China, compromising ethical values for material gain. Instead, North American nations should restrict aid and trade with China to programs that can be used to encourage social reforms.
For several centuries the Europeans were always trying to have the best of the best in their country. Because they were so greedy they went of on several voyages to trade and gain those products they desired like silk, porcelain, tea, and lacquer-ware. With this the Europeans were always trying to out due and impress the Chinese with their clocks and their scientific gadgets. But they were never impressed, the Chinese always believed they were better and never wanted much to do with the Europeans. The Chinese were always very advanced in every skill; they believed that they had all that they needed to be a strong nation.
In the past, China was always hesitant to foreign occupation and wanted to keep them out as much as possible. During the Qing dynasty, trade was greatly discouraged. China did not keep up with industrialization as much as the Europeans because they believed that their country was already prosperous and productive with its large labor force that produced everything they needed. In addition, they lacked the natural resources to industrialize
Globalization has caused the world to change. Our country, China has been dramatically changed by globalization. Our people have moved to cities, and our industry has exploded. We have had huge advances in technology along with education improvement. Despite the fact that China has changed so much, there are still many issues that plague it. China faces serious environmental concerns. New diseases and viruses that are not indigenous to China can cause a wide range of sickness in the new area. Despite some of the the improvements in China that are a result of globalization, the negatives that globalization has brought to China are more than the benefits.
US-China Business Council, Inc. "US-China Trade Statistics and China's World Trade Statistics." US-China Business Council. 1 March 2010 .
Coates, B., Horton, D., & McNamee, L. (2014, January 1). CHINA: PROSPECTS FOR EXPORT-DRIVEN GROWTH. Economic Roundup Issue 4. Department of the Treasury (Australia).
Morrison, Wayne M. "China and the World Trade Organization." Congressional Research Service (CRS) Reports and Issue Briefs. Congressional Research Service (CRS) Reports and Issue Briefs, 2002. Academic OneFile. Web. 3 Oct. 2011.
The year is 2001. China joins the World Trade Organization (WTO) and Americans give way to the new “Asian powerhouse.” China has grown 9 percent a year for more than 25 years and is recorded as the fastest growth rate for an economy in history according to and abstract by Peter Katel in the CQ Researcher. With exports rising from 38.8 billion to 196.7 billion (a 400% increase) from 1994 to 2004 to the US alone, no wonder why China has gained new popularity with the business world. In the same article Peter Katel goes on to state that two-thirds of the world’s copiers, microwave ovens, DVD players and shoes are manufactured in China. With this powerful advantage that China has, its promising future does not seem that far away. The graph to the left shows the US merchandise trade with China. As you can see, the US exports to China have fallen and its imports from China have increased greatly from 1994 to 2004.
However, the impact it has made on China can be considered to be great as it brought China under the limelight in the global economy. Globalization has had many positive and negative ramifications on the Chinese economy. In the short run, it may be so that the negative impacts outweigh the positive impacts, but that is easily debatable. This is because all the negative impacts of globalization can be corrected with economic policies that can be efficiently undertaken by the Chinese government. In this manner, China in overall will be able to enjoy all the benefits of globalization and contribute more to the rest of the world as it continues to grow economically and socially. In today’s world, globalization is an important part of the development and prosperity of each nation and China too should be able to reap from its benefits. Today, as China proudly holds a place in the global economy as the world’s second largest economy and most populated country in the world, it can be said
With a population of 1.357 billion (2013)3, China is the most populated country in the world. Along with the huge population comes a market that is unmatched by any other country of the world. Both domestic companies and foreign companies want to tap into this large market that just recently embraced capitalism and entered into the World Trade Organization.
From the 1970s, there has been a wave of liberalization in China, which was introduced by Deng Xiaoping. This is one of the key reasons to the rise of China to be one of the economic giants in the world. In the last 25 years of the century, the Chinese economy has had massive economic growth, which has been 9.5 percent on a yearly basis. This has been of great significance of the country since it quadrupled the gross domestic product (GDP) of the country thus leading to saving of 400 million of their citizens from the threats of poverty. In the late 1970s, China was ranked twentieth in terms of trade volumes in the whole world as well as being predicted to be the world’s top nation concerning trading activities (Kaplan, 53). This further predicted the country to record the highest GDP growth in the whole world.
The current trade imbalance is caused in large part by intrinsic features of China's labor market and consumer base. The vast majority of China's 1.3 billion people still live in rural areas. China has, by some estimates, a surplus rural labor force of 120 million people, many of whom migrate to industrial centers to look for factory work, and drive down wages. As long as wages are low, the United States will continue to gobble up products made in China, while Chinese consumers will prefer to buy cheaper, homespun alternatives to American products. The rise in trade deficit with China has come at a cost to jobs in the United States, accordin...
Today is China’s 13th anniversary of its accession to the WTO. Chinese premier said,” If we describe the Canton Fair as a window China opened to the world, and the accession to the WTO that we can be seen as a door China opened to this world.” China joining the WTO means China can be more open to trading globally. Say for the whole economy, the open market allows the foreign merchandise and capital into China and the open market will urge the resources in the Chinese economy to spread across the world. The most important aspect I felt was the installation of structure this brought to China.
From the beginning of their establishment, the bilateral relations between the United States of America and China have changed throughout the time. The bilateral relations of the two countries emerged from 1970’s with the ‘Ping-Pong’ diplomacy and there have been many pauses in their mutual relations. The US and China enjoyed cooperation in economic and military spheres and the mutual relations grew massively during until the end of 1990’s. The heads of the two states began visiting each other’s countries and the economic ties were tightening year by year. However, the issues of human rights and free speech declined mutual Sino-American relations. The American principle of democracy promotion and human rights protection minimized the Sino- American relations after the Tiananmen Square events in 1989, the US Presidents-George Bush and Bill Clinton- playing a key role in determining the further American foreign policy towards China.
China’s economical strength comes from its international trades as the economy has grown to a rate of 10.3% in 2010. It has become the world’s largest exporter in the global economy. In the area of trade, three major strengths of China are 1) it is the single most important challenge for the European Union (EU) trade policy, 2) China is the second trade partner behind the U.S., and 3) it is the EU’s biggest source of imports by far with the dramatic increase in the EU-China trades over the recent years. The EU exports of goods to China were 113.1 billion Euros and in imports was 281.9 billion Euros in 2010. The service exports were 18 billion Euros and in imports were 13 billion Euros in 2009. China has also established trades with Australia. Recently, the two countries have been cooperating and assisting each other in industries such as agriculture, energy and minerals as they continue their free trade agreements (Jia Qinglin).