After years of economic stagnation and misgovernment during the entire Mao era, China finally made its first steps, in the late 1970´s, to a better economic development. Deng Xiao Ping´s economic reforms and Chinas opening to the rest of the world, enhanced China into a Game changer and economic super power within the last 30 years. To understand and comprehend the enormous economic, cultural and political development, which China went through in such a rapid time, this paper points out the major factors and driving force behind it. Also it elucidates future developments and major projects which will have a great effect on Chinas economy.
In the following pages, we will head to the major issues which China had to face and still faces today. First of all, the entry of China into the World Trade Organization and its long way till there. Which effects did this great step have for the Chinese economic growth and what are the future prognosis? How did the whole process take place and which threats is it still facing? Which benefits were achieved and which developments did they go through? How was China integrated in to the Coalition and what is the role allocation? And off course the Chinese Currency and its development will be looked at. All these significant subjects will be discussed profound and step by step in the next pages. The aim is to get a broad overview over the backgrounds of the opening of the Dragon and also its impact on world economy. Interesting details and apposite illustrations, will make this rather multifaceted topic intelligible and comprehensible.
Table of Contents
1. Introduction
2. Chinas long way into the WTO
3. Resistance and Pro / Con Arguments for China joining the WTO
4. Chinas further economic Development within the WTO
5. Too big to be a bystander - or to be kept out
6. Chinas actual economic Development
7. The Road Forward
8. Conclusion and Future Prognose
Objectives and Topics
This paper examines China's transformation into a global economic powerhouse following its accession to the World Trade Organization (WTO) in 2001, analyzing the structural changes, economic growth drivers, and future challenges faced by the nation.
- Historical background of China's economic opening
- The process and requirements of China's WTO entry
- Debates regarding globalization, trade barriers, and international compliance
- Macroeconomic development and shifts in the textile and currency markets
- China's evolving strategy regarding regional versus global trade cooperation
Excerpt from the Book
Resistance and Pro / Con Arguments for China joining the WTO
"Selling the farm" as the result was the expression used by those inside China who felt that accepting this list of liberalization and adopted review requirements was going to far. Joining the WTO however was backed up China's leaders which put their support behind those efforts. An eight-year "Transitional Review Mechanism" process was accepted by Chinese authorities. China had to meet its WTO membership obligations, and that was reinforced by established powers as a safeguard. "Foreign humiliation," bringing up memories of the late Qing dynasty period has been promoted and broadcasted within nationally oriented commentators inside China. The Nationalists felt that Beijing's trade officials had willingly subjected China. However, China's ruling authorities stood firm in their commitment to join the global trading regime.
In the lead up to China's accession, many international experts were concerned that if it was not handled appropriately, China's entry could undermine the entire global trade system. The WTO would be swamped with dispute cases, that was the fear of numerous trade experts. Fears accelerated by China would not fully execute the norms of the global organization, including "non-discrimination” and especially the WTO's elaborate and precise "transparency" requirements — unless compelled to do so through special compliance measures.
Summary of Chapters
Introduction: Outlines the significance of China’s WTO membership as a pivotal global economic event and the expected win-win scenario for China and its partners.
Chinas long way into the WTO: Describes the lengthy preparation process, including tariff reductions and service sector openings, leading to China's official entry in 2001.
Resistance and Pro / Con Arguments for China joining the WTO: Examines internal political resistance in China and external concerns from international experts regarding the potential impact on the global trade system.
Chinas further economic Development within the WTO: Analyzes the criticism faced by China from trade partners regarding export practices, currency valuation, and market access for foreign firms.
Too big to be a bystander - or to be kept out: Discusses the perspective that China's growth benefits global consumers and argues that existing trade barriers are often exaggerated compared to other developing nations.
Chinas actual economic Development: Provides data on the dramatic growth of China's GDP and its emergence as a dominant force in the global apparel and textile market.
The Road Forward: Explores China's shifting economic model toward internal demand, innovation, and a more proactive stance on regional cooperation.
Conclusion and Future Prognose: Summarizes the benefits of the 2001 accession, including the reduction of state-owned enterprise power and the modernization of the Chinese economy.
Keywords
China, WTO, World Trade Organization, Economic Development, Globalization, Trade Barriers, GDP, Renminbi, Multilateralism, Regional Cooperation, Foreign Direct Investment, Market Economy, Trade Liberalization, Economic Reform
Frequently Asked Questions
What is the primary focus of this work?
The paper focuses on China's economic transformation and its integration into the global trading system following its accession to the World Trade Organization in 2001.
What are the central themes discussed in this publication?
Key themes include the historical economic opening of China, the challenges of WTO compliance, the impact of Chinese exports on global markets, and the future orientation of China's economic policy.
What is the main objective of the research?
The objective is to provide a broad overview of the background of China's economic opening and to analyze its impact on the world economy and its future development trajectory.
Which scientific methods are applied in this analysis?
The work utilizes a descriptive analytical approach, incorporating historical data, economic reports, and existing scholarly discourse to evaluate China's progress within the WTO.
What topics are covered in the main body of the text?
The main body covers the history of China's WTO entry, arguments for and against accession, criticisms regarding trade practices, data on economic growth, and the strategic road forward for the Chinese economy.
How would you characterize this paper with specific keywords?
The paper is best characterized by terms such as globalization, trade liberalisation, WTO accession, economic growth, and regional cooperation.
How does the author view the "Transitional Review Mechanism"?
The author views this mechanism as a safeguard process accepted by Chinese authorities to ensure compliance with WTO membership obligations.
What is the significance of the year 2001 in this context?
The year 2001 is highlighted as a landmark year, representing the official entry of China into the WTO, which triggered significant structural and economic changes for the country.
- Quote paper
- Michael Wittmann (Author), 2016, World Trade Organisation and China, Munich, GRIN Verlag, https://www.hausarbeiten.de/document/419808
