Today is the 17th anniversary of China's accession to the World Trade Organization (WTO). China became the 143rd member of WTO on December 11, 2001. Since then, the country has faithfully fulfilled its WTO commitments, deeply integrated into the global economy, and constantly provided win-win outcomes.
By reforming its socialist market economy, facilitating market access for goods and services, intensifying intellectual property rights (IPR) protection, as well as improving policy transparency, China has conscientiously honored its WTO commitments to enhance the country's competitiveness amid uncertainties of the world economy, according to the white paper "China and the WTO" released by State Council Information Office (SCIO) of China.
China's affiliation with the WTO not only boosted its own development, but the rest of the world has also been benefited. China accounts for about 30 percent of global economic growth since 2002, marking the country as a major engine for global economic recovery and advancement. As a major trade partner of over 120 countries, the country offers inexpensive goods and services with high-quality to customers around the globe, the white paper said.
China's foreign direct investment (FDI) and outward direct investment (ODI) reached 135 billion U.S. dollars and 120.1 billion U.S. dollars respectively in 2017, generating plenty of investment and job opportunities, according to the Ministry of Commerce (MOC).
By proposing the Belt and Road Initiative (BRI) and hosting the first annual China International Import Expo (CIIE), China is dedicated to firmly support the multilateral trading system, greatly increase access to its burgeoning domestic market, and build a broad platform of shared interests.
"We firmly support an open world economy, defend WTO rules, support the multilateral trading system, promote regional economic integration, facilitate the building of free trade areas, oppose protectionism in all its forms and manifestations, take the initiative in opening the market, and push economic globalization in the direction of becoming more open, inclusive, balanced and beneficial to all", said the white paper.