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Lamy: China's membership has advanced global trade
( China Daily )

Lamy: China's membership has advanced global trade

China's entry into WTO is a "win-win situation" for both China and other member countries, Pascal Lamy, director-general of the World Trade Organization, told a seminar in Tianjin on Sept 16 to celebrate China's 10th anniversary as a WTO member.

Lamy noted that when the country was accepted as a member of the WTO in 2001, China was the sixth-largest exporting country in the world, with its exports and imports accounting for only 4 percent of the world trade.

Today, China is the world's second-largest economy and the largest exporting country.

"WTO membership means a more transparent, stable and predictable global market for China," Lamy said, adding that is why China became the world's leading trading power.

Greater access to world markets is the effective path China has taken to increase employment and raise the living standard of its people.

And integration with the global economy has improved the competitiveness of Chinese industries, which have undergone a transformation from labor-intensive to more technology-intensive.

Lamy noted that the rest of the world has also benefited from China's accession to the WTO.

The United States exported $92 billion worth of products to China last year, 4.5 times the figure in 2001.

And Brazil exported $31 billion of commodities to China, compared with $2 billion in 2001.

He said China is also playing an increasingly important role in helping the world's least developed countries.

In 2008, China became the largest market for exports from least developed countries.

Lamy also praised China's efforts in honoring its commitment to the WTO.

After assessing China's trade policies in 2006, 2008 and 2010, WTO members recognized China's determination and efforts in improving trade and investment systems, according to Lamy.

China's reduction of tariffs - from the average rates of about 15 percent in 2001 to less than 10 percent in 2010 - and the release of new regulations in line with WTO requirements are also demonstrations of the country's commitment, Lamy said.

Lamy expects China can play a leading role for offering new solutions to tackle global challenges in the future.

(China Daily 12/09/2011 page41)

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