China’s way forward to WTO has opened the economy of the country to the world and the world has accepted China as an important country of the world. The government ofChinais proud of being a part of WTO and the implementation of the requirements of the WTO areessential to maintain the pride ofChina. The membership into WTO has resulted in a market economy inChinaand the major reason for the membership are the business operating advantages in China and also the increasing growth rate of China. Figure 3 (See Appendix) shows the economic growth rate of China over the last five years.
The economy has not completely transformed into a market economy which might pose a problem in the way of bringing in new reforms. The WTO will also work in strengthening the trust of foreign entities in economy of China. The reforms preach low costs, foreign investment etc. The WTO will not benefit China in the short run, it will bring positive changes in the country and the economy in the long run but often countries take it as a weakness of China due to inability of dealing with the regulations of WTO and the blame goes to China’s lack of experience.
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