WTO inChinahas also helped to deregulate the banking system by providing a foundation for the growth of small and medium sized banks that ensure growth of economy. This development of the banking sector helped in moving from dependency on foreign banks for loans to local banks which in turn works as a driver for investment and growth.
The increase in competition in the banking sector shall improve quality and variety of services provided by banks in China. All these reforms that emerged from WTO shall attract more and more foreign direct investment and growth to the economy ofChina. This shall also encourage international trade. Although the reforms by the WTO have been incorporated within no time there might be some loopholes since it takes time for an economy and a nation to adapt to reforms and sinceChinawas a planned economy or more beaurcratized and these reforms fit best to open and market economies. This might cause some issues like political instability and also create factions within the economy which can have a deteriorating effect. Other foreign countries can imposebarriers to trade which can restrictChina’s ability to export and fewer exports shall lead to a drop in the economy
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