Brussels, 09/12/2011 (Agence Europe) - On 11 December, the WTO will celebrate the 10th anniversary of China's accession. Ten years which have seen the world's second-largest economic power take full advantage of the opening-up of its markets without yet having fully complied with the rules of the multilateral trade system.
Ten years after it joined the WTO in 2001, China has become the number one subject of investigations and anti-dumping measures adopted throughout the world. Its many unfair practices, such as its subsidies, are in the firing line, as are its many restrictions on access to the market, which have been denounced by foreign investors, its lack of transparency and insufficient protection of intellectual property. But since 2001, the country has flooded the world's markets with its products and has prospered from this, climbing to the level of the world's second-largest economic power. In a decade, China's GDP has increased almost fourfold, its exports 4.9 times and its imports 4.7 times, the services of the Chinese ministry of trade revealed this week. China's share of global trade has risen from 4.3% to 10.4%. The Asian giant has become the world's largest exporter and second-largest importer.
The fourth-largest trade partner of the EU in 2001, China has become its second-largest partner after the United States, with bilateral trade having more than doubled over 10 years. Chinese imports to the EU have tripled since 2001, now representing nearly 20% of the total of all goods imported to the EU. China overtook the US in 2006 to become the largest source of imports to the EU, which has become the number one destination for Chinese exports, reaching €282 billion in 2010. EU exports to China have also risen, with China moving from fifth to second place in EU export market rankings between 2001 and 2010. Last year, the EU's exports to China rose by 37%, to reach a record level of €113 billion.
“China's ten-year anniversary within the WTO is an important milestone. During that period, China's WTO membership has helped modernise its economy and elevate China to being a leading player in the global economy. This spectacular rise would not have been possible without the open global trading system that China was able to benefit from during the last 10 years”, commented Karel De Gucht in a press release dated 8 December. “At the same time, China is having to increasingly recognise and respect not only the legal responsibilities it now faces as a member of a global rules-based body, but also the WTO 'spirit' of promoting open markets and non-discriminatory principles in its domestic legislation, and the enforcement of it. This can be challenging at times but I very much welcome China's increased engagement with these principles”, the European trade commissioner added.
In a White Paper published on 7 December, the Chinese government stresses that “all commitments taken by China when it joined the WTO have been adhered to”. Chinese imports have helped to create 14 million jobs in the world and foreign businesses based in the country have made $262 billion in profit since 2001, states this document, quoted by AFP. (EH/transl.fl)