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China's Commitment on the Accession on Wto

In: Historical Events

Submitted By wahaque
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Section c. China’s commitment on WTO’s accession

Since China decided to accede WTO on 11 December 2001, it means that China has to change its several economic aspects, including their commitment towards multilateralism and opened investment, transparency of their economic situations, and their obligation to obey the agreements on multilateral agreement (GATT). The Accession of China in WTO will bring massive benefits for China to enter a bigger scale of the world’s industries, which makes China able to expand their economic activities into a larger sectors. China has become the seventh largest exporter and eighth largest importer for trade in goods, as well as included in the 12 largest exporters and importers of services sectors. China’s revenue after officially become a WTO member increased much higher than the developed countries, especially among other developing countries.

As a condition for membership, China was required to make protocol commitments that substantially exceed those made by any other member of the World Trade Organization, including those that have joined since 1995, the broader and deeper commitments China has made inevitably will entail substantial short-term economic costs and these costs will be reflected in rising rates of unemployment in sectors that will shrink as they face increased international competition, both from imports and from goods and services provided by foreign-invested firms in China. Every country which accede to WTO must build their commitments, thus for China, that even before the accession to WTO, China has grown its economic sectors so rapidly since their Chinese Economic Reform in 1978 and hold a big role in the world’s trade. That is why China has to build their commitment even bigger than any other developing countries.

China’s commitment include significant reductions in tariffs that will bring the average…...

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