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It has been almost ten months since China entered the World Trade Organization (WTO) and for China, this victory is one that is bitter sweet for it has been nearly ten years since China had launched its campaign to enter the WTO. The stumbling block that caused this prolonged delay was whether China should join the WTO as a developing or developed country. Under several WTO agreements, developing economies are subjected to less rigid rules and regulations in their trade policies. ...
Hence, the terms under which China enters the WTO are not only are vital for itself (as there are great implications for its liberalisation commitments) but for other prospective countries entering the WTO as well, as these terms would set precedent for them. Therefore, on that note, China argued that with its low per capita income, developing economic status for it is more than justified. However, the other developed nations, especially the United States, disagreed and insisted that China is no ordinary developing nation due to its size and China should thus assume the responsibilities of a developed economy in its commitment to trade liberalization. And it was the impasse on this dilemma that hindered China’s membership negotiations in the WTO. ...
Because of that, there was now more motivation and incentive for promoting China’s entry into the WTO as the presence of foreign competition would speed up the economic reforms in the Chinese marketplace. And after ten years of intricacy, China finally succeeded in becoming a member of the WTO on the 11th of December 2001.
As with any other political move, there would always be one faction supporting it while the other being against it, and personally, I believe that China’s entry into the WTO would positively revolutionise the Chinese economy once again.
Approximate Word count = 1424
Approximate Pages = 5.7
(250 words per page double spaced)
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