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 isessential to maintain the pride of China.
The membership into WTO has resulted in a market economy inChinaand the major reason for the membership are the business operating advantages inChinaand also the increasing growth rate of China. Figure 3 (See Appendix) shows the economic growth rate ofChinaover 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 ofChina. The reforms preach low costs, foreign investment etc. The WTO will not benefitChinain 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 ofChinadue to inability of dealing with the regulations of WTO and the blame goes toChina’s lack of experience.
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