Open Market In China

Satisfactory Essays
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. After China joins the WTO, the market of all WTO members also lend a helping hand to China. China is a relatively new county compared to other industrialized countries. It’s only been 64 years since the founding of the PRC (People’s Republic of China). From their helping, Jobs, investment, new demand, new infrastructure are all on the move in a positive direction. The commodity of Chinas' entering an international market would be more liable, being advantageous to the Chinese labor force’s wages (Shafaeddin 2002). On the other hand, the open market is beneficial to some resources that China creates. China, although having a "vast territory and rich resources", because of its dense population the use of renewable resources are seriously lacking. In the ending of the economy, we must increase the yield from our natural and renewable resources in order to sustain our huge population with petroleum and food (Shafaeddin 2002). Actually, Chinese natural resources are not being proper usage due to lack of professional technology to proceed extractions. Compare those, state which like Chinese province owned the forest resources and abundant la... ... middle of paper ... ...t will make the domestic products, businesses and industries are faced with more fierce competition. Second, China's foreign trade and economic management will restricted by the WTO rules. Lastly, China's legal system and the WTO rules, some industries and enterprises will face the larger impact (BBC 2014). All in all, China accession to the WTO would set in motion a new wave of reforms. It can't bring prosperity to China overnight, and it is also impossible to bring disaster overnight. By the time, many more enterprises of our country will go investing abroad. On the whole is more opportunities than challenges. In the long run, it is conducive to China's socialist market economy and further reform and opening up. But some industry will face competition from international market pressure, but pressure will prompt these industries to increase their competitive power.
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