World
Commercial Comfort Zone
Have dynamic and far-reaching economic reforms, initiated in order to qualify China for entry into the WTO, given way to complacency on all sides? NewsChina investigates.
PHOTO BY CFP/COVER ILLUSTRATION BY WU SHANGWEN
Glowing from a combination of economic prosperity boosted by a downturn in the fortunes of its major competitors, China, once one of the WTO’s most proactive members, has begun to rest on its commercial laurels. Ten years after China won its hard-earned place in the global trade organization, can the WTO still act as a catalyst for further reform, or has the world’s number two economy simply outgrown it?
Trading Places
The campaign to join the World Trade Organization was the most powerful external force behind China’s unprecedented economic liberalization. But now, with reform losing momentum, has China outgrown WTO influence? [Read Article]
Crying Wolf
While openness to both foreign and domestic investment has led to prosperity in many industries in China, the prospect of increased competition still has the power to spook. [Read Article]
History of China’s WTO Accession
1948
China becomes one of the 23 original signatories of the General Agreement on Tariffs and Trade (GATT), the organization overseeing the multinational trading system established in 1947.
1949
Taiwanese authorities announce that China will leave the GATT system, a decision never recognized by Beijing.
1986
China notifies the GATT of its wish to resume its status as a GATT contracting party.
1987
The Working Party on China’s status is established under GATT.
1995
The Working Party is converted to a WTO Working Party when the WTO replaces GATT as the rule-based multilateral trading system.
1999
China and the US reach an agreement on China’s WTO entry, paving the way for China’s entry.
2000
China and the EU reach an agreement on China’s entry.
September 17, 2001
The World Trade Organization successfully concludes negotiations on China’s terms of membership of the WTO and agrees to forward some 900 pages of legal text for formal acceptance by the 142 member governments of the WTO.
November 11, 2011
The WTO’s Ministerial Conference approves by consensus the text of the agreement for China’s entry into the WTO, subject to ratification by the National People’s Congress, China’s parliament.
December 11, 2011
China legally becomes a member of the WTO.
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Sep 2011 | Submitted by Brian Snelson
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