China and the WTO
Agricultural Challenges after its Accession to WTO
Who is really benefiting from it?
The membership of Taiwan Province of China in the International Monetary Fund and the World Bank in the early 1980s contributed to ending China’s isolation of its economy from the world.
By 1986, China had started lobbying to be readmitted to the General Agreement on Tariffs and Trade after it had left it in 1949 when the People’s Republic of China was founded.
As the result of 15 years of laborious negotiations, on December 11 2001, China officially became the 143rd member of the World Trade Organization, and while an economy as large as China can cause commotion for developing countries in the short run, it must also be noted that it should benefit China’s trading partners in the long run.
While China transitioned from a centrally planned economy to a market-oriented one, its exports grew from $10 billion in 1978 to $278 billion in 2000, making it the sixth largest trading nation in the world (from the original 30th position it enjoyed in the 1970s). The trade-to-GDP ratio, (often called the trade openness ratio, is the average share of exports and imports of goods and services in GDP) increased from a 10% to about a 40% in the late 1990s. China’s inflows of foreign direct investment, which according to the IMF may lead developing countries to regard it as the private capital inflow of choice, reached $47 billion in 2000, second in size only to the United States.
Because it’s inevitable that the inclusion of China to the global economy will lead to shifts in the world production, trade, investment and employment, there have been provisions in China’s Protocol of Accession to WTO (which requires resolution of ...
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