All Change; China's Economy and the WTO  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 401 no. 8763 (Dec. 2011), page 29-30.
Topik: International Relations; International Trade; Trade Relations; Economic Development
Fulltext: All Change.pdf (39.53KB)

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The World Trade Organisation (WTO), like many clubs, denies patrons the right of automatic readmission. Having quit the organisation's predecessor shortly after the Communist revolution of 1949, China had to wait 15 long years to gain entry after reapplying in the 1980s. The doors finally opened on December 11th 2001, ten years ago this week. The price of re-entry was as steep as the wait was long. China had to relax over 7,000 tariffs, quotas and other trade barriers. Some feared that foreign competition would uproot farmers and upend rusty state-owned enterprises (SOEs), as to some extent it did. But China, overall, has enjoyed one of the best decades in global economic history. Its dollar GDP has quadrupled, its exports almost quintupled. Many foreigners also prospered. Yet in America, China's single biggest trading partner, sentiment towards the country has turned starkly negative. In a recent poll, 61% of Americans said that China's recent economic expansion had been bad for America; just 15% thought it had been good. This partly reflects China's controversial currency regime. Foreign frustration is partly a sign of China's success.

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