Opinion | How China’s economic heft can reshape the WTO and global trade for the better
- China’s accession to the WTO in 2001 reshaped the country and world trade, bringing great benefits to all
- As the WTO opens a fresh chapter under new leadership, China is well placed to help rebuild the organisation for the post-pandemic world
The garden also reflects China’s enduring commitment to the multilateral trading system, as China’s then-ambassador to the WTO, Yi Xiaozhun, said at the time. The Gusu Garden is far from the only mark China has left on the WTO, though.
But, equally, China’s accession has also changed the face of world trade and brought great benefits to the WTO and its members. Now, as the WTO opens a fresh chapter under new leadership, China is well placed to help the organisation rebuild itself to become the driving force of free trade for the post-pandemic world.
Given China’s place in today’s global economy, it is easy to forget the arduous process of overhauling its legacy command economy to join the WTO. Accession negotiations took 15 years, longer than those to form the organisation itself.
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To adapt to WTO commitments, Beijing modified more than 2,300 national laws and regulations, while a further 190,000 were modified or cancelled at the local level. Trade-weighted average tariffs fell from 32.2 per cent in 1992 to 7.7 per cent by 2002, falling further to an average of 4.8 per cent between 2003 and 2017, according to the World Bank.