China’s membership of the WTO has been the major driver to development of China to the existing extent. It was after China established permanent and normal trade relations with USAduring 2000 and the advent of WTO that have led to the immense growth of the Chinese economy in the 21st century.China plays a vital role in the global economy and has also become anessential part of the world economic community as a result of the WTO. WTO has opened up China’s aveneues into international trade which has opened the economy of the country and also served as a driver of foreign direct investment plus growth.
But with foreign investments puring in competition has increased inChina and it might wipe out some of their localindustries which can be considered as a negative effect of the WTO reforms of international trade and increased FDI’s. The CHineses accession to WTO has had positive effects on the economy of the country, the legal system and the political situation as well. The legal system has improved after WTO since the judiciary inChina has been improved with regulations since foreign investment will require a strong legal system to carry out legal procedures. The rule by people that has existed as a strong entity in China is now being wiped out with WTO reforms as the modernized legal system will hold nothing abover the law. After the WTO the political arena in China has changed face from being a planned economy to a market economy which has increased the importance of having a democratically elected government. WTO reforms will take time to strengthen roots in China but with time the reforms will become foundation to economic growth in China.
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