China's WTO Accession worth Celebrating
December 11, 2011 marks the tenth anniversary of an event, which profoundly changed the global economy: China's accession to the World Trade Organization.
By integrating fully into the global economy, China has become the largest exporter of manufactured goods and the second largest economy in the world. This remarkable trade expansion has contributed significantly to China's growth and development and has helped lift some 500 million people out of poverty.
Looking into the future, as a key member of the WTO family, China's role and influence will be vital in our collective endeavor to advance trade opening and global trade regulation.
And this in turn is linked to the continuation of China's reform and opening-up process. Anchoring in WTO further reforms of China's services sector or further opening of its procurement markets can bring welfare gains and can help sustain China's growth for the next decades. China can also provide tremendous opportunities of growth for other countries. Because growing together is more stable and sustainable than growing alone.
The WTO offers a stable, transparent and predictable environment in which trade can flourish. Certainly, this has been of benefit to China, and hopefully there is still more to come.
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