Five changes and eight problems after 3 years in WTO

Three years ago on December 11 China acceded into the World Trade Organization after more than ten years of arduous negotiations. In the three years the WTO brought great impacts on various aspects of China such as the economy and society. The Third WTO and China Academic Annual Meeting was held in Beijing Saturday by the China Institute for WTO Studies of the University of International Business and Economics, at which attending experts summarized these impacts as five changes and eight problems.

The five changes are:

- Industrial restructuring is accelerated and economic competitiveness is strengthened;

- Market economy system is further improved and government function transition is accelerated;

- Opening up level is elevated and influence on world economy is boosted

- Living standards and actual welfare level of urban and rural residents is improved;

- External environment of economic development is improved and regional economic cooperation is accelerated.

The eight problems are:

- Transition of international manufacturing industry is accelerated and some low-level and high energy-consumption industries move overseas;

- Export grows at a high speed and trade frictions increase considerably;

- Resource constraint contradictions becomes increasingly prominent;

- Some industries are weak in competitiveness;

- Relevant laws and regulations need further improvement;

- Overall external environment has improved whilst disadvantaged industries are facing increased pressure;

- Employment situation admits of no optimism;

- Foreign trade reliance grows and is more susceptible to international economic influence.

Attending experts believe that China's foreign trade doubled in the three years and exceeded $1 trillion ranking the third largest trading country after the US and Germany; industries such as automobile and telecommunications withstood test and are displaying explosion development. They have pulled the development of related industries and formed industry groups of strong growth; opening level of industries such as insurance and financing has been elevated. But at same time the "quantitative" growth of China's foreign trade is facing international restrictions indicated through trade frictions such as anti-dumping, technical barriers and protection measures; laws and regulations such as those on anti-trust, anti-dumping remain to be further improved.

By People's Daily Online