China more than fulfilling WTO entry commitments

Xinhua
China's opening up during the past decades has far surpassed just honoring its World Trade Organization accession commitments.
Xinhua

China’s opening up during the past decades has far surpassed just honoring its World Trade Organization accession commitments, Chinese experts said.

“China has not only fulfilled its WTO entry commitments, but also pushed itself to go much further in the scope and depth of opening up,” said Song Hong, a researcher with the Chinese Academy of Social Sciences.

After becoming a WTO member in 2001, China has comprehensively honored its tariff reduction commitments by lowering the tariffs, upgrading its tariff catalogue and improving the tariff structure, said Tu Xinquan from the University of International Business and Economics.

China has gradually established a relatively full-fledged tariff system that is in line with domestic and international economic development trends, Tu said.

The country had fulfilled all of its goods trade tariff reduction commitments by 2010, reducing the average tariff level from 15.3 percent in 2001 to 9.8 percent.

It has also lowered non-tariff trade barriers, relaxed market access and strengthened intellectual property rights protection over the past years.

More opportunities

A more open China will give the world more investment opportunities, said Niu Li, an economist with the State Information Center.

In the next five years, it is forecast that China will import US$8 trillion worth of goods and attract overseas investment of US$600 billion, according to Niu.

As economic globalization is an irreversible trend, China will neither slow nor stop its opening-up steps, said Liang Yanfen from the Chinese Academy of International Trade and Economic Cooperation.

“Standing at the historic starting point of the new era, China will strive to make new ground in pursuing opening up on all fronts, and steer economic globalization toward a more open, inclusive, balanced and mutually beneficial direction,” Liang said.

A white paper on China and the WTO was issued yesterday by the State Council Information Office.

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