China and the World Trade Organisation

News Image

By MG News | July 13, 2018 at 01:19 PM GMT+05:00

0:00

Over the past 17 years since its entry into the World Trade Organization (WTO), China has brought significant opportunities and made great contributions to world economic and trade growth, said a senior Chinese official on Thursday.

Wang Shouwen, China's vice minister of commerce and deputy China international trade representative, made the remarks at a press briefing on a white paper titled "China and the World Trade Organization."

The document was released by China's State Council Information Office for the first time on June 28.

"China has during this period become a major engine for world economic recovery and growth, contributing nearly 30 percent on average per annum to global economic growth," Wang said.

China's accession to the WTO has brought benefits to all the members, he said.

China is currently the largest trading partner of more than 120 countries and regions, he explained, with its exports providing high-quality goods for companies and people all over the world.

China has also been the largest export market for the least developed countries in the world, absorbing one-fifth of the exports of the world's least developed countries.

"China has faithfully fulfilled its WTO commitments and strived to integrate into the multilateral trading system," he said. On trade in goods, China fulfilled all of its tariff reduction commitments in 2010, with its average tariff level down to 9.8 percent from 15.3 percent in 2001.

China had also fulfilled all of its commitments on trade in services by 2007, and opened up 100 sub-sectors under nine sectors. Since entering the WTO, Wang said, China has been a staunch supporter of the multilateral trading system.

"China has endeavored to liberalize and facilitate trade and investment, safeguarded the dispute settlement mechanism, fully participated in trade policy review, and vigorously supported the integration of developing members into the multilateral trading system," Wang said.

It will substantially widen market access, create a more attractive environment for foreign investment, and encourage sound and rational outward investment, in committing itself to opening up wider and deeper to promote common development across the world, he added.

(APP)

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,315.00 108,430.00
105,440.00
2565.00
2.43%
BRENT CRUDE 68.03 68.06
66.94
0.92
1.37%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
109.20
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.36 66.38
65.23
0.91
1.39%
SUGAR #11 WORLD 15.85 15.97
15.77
0.15
0.96%

Chart of the Day


Latest News
July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker


July 02, 2025 at 03:54 PM GMT+05:00

PKR decreases by 19 paisa against USD


July 02, 2025 at 03:28 PM GMT+05:00

Ahsan Iqbal directs preparations for N-25 project launch


July 02, 2025 at 02:56 PM GMT+05:00

OMO Result: SBP injects Rs1.16tr



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg