China’s decade in the World Trade Organization
thrust the nation into the top spot in industries ranging from textiles to
cars. The world’s No. 2 economy now faces calls to open its market further and
play by WTO rules.
China joined the Geneva-based WTO on Dec. 11, 2001,
capping a 15-year drive to join the rules-based trading system and giving foreign
companies from Yum! Brands Inc. and General Motors Co. to
HSBC Holdings Plc (HSBA) and Nokia Oyj (NOK1V) a bigger foothold in the world’s most-populous
market.
Since then, China has become the world’s biggest
exporter and second-largest importer. Trade in goods such as clothing,
electronics, toys and appliances soared to almost $3 trillion last year from
$510 billion in 2001, with both exports and imports growing almost fivefold.
China’s textile exports amounted to $77 billion in
2010, or 31 percent of the world’s total, and its
garment exports were worth $130 billion, or 37 percent,
data released by the WTO show. The Asian nation, which overtook the U.S. in
annual car production and sales in 2009, will sell more than 18 million
vehicles in 2011 even as deliveries increase the least in 13 years, the China
Association of Automobile Manufacturers said on Dec. 9.
Investments Abroad Rise
$60bn
Foreign financing in China has climbed to more than
$700 billion in the last decade while Chinese investments overseas surged to
$60 billion in 2010 from less than $1 billion in 2000, Assistant Commerce
Minister Yu Jianhua said last month.
Europe is second only to the U.S. in the number of
trade disputes with China at the WTO. The 27-nation EU has filed fivecomplaints against China over raw materials, auto parts
and duties on steel fasteners while the U.S. has lodged 12, and the bloc
imposes anti-dumping duties on almost 60 products from China, more than any
other nation.
China spent the weekend celebrating its 10 years as
a member of the global trade community. That’s because millions of Chinese have
enjoyed a better quality of life since their country became the WTO’s 143rd
member, Yi said.
“Our economic growth went beyond our expectations,”
he said. “The annual growth rate is around 10 percent
and more than 200 million Chinese people were lifted out of poverty. That’s a marvelous achievement.”