After years of economic stagnation and misgovernment during the entire Mao era, China finally made its first steps, in the late 1970´s, to a better economic development. Deng Xiao Ping´s economic reforms and Chinas opening to the rest of the world, enhanced China into a Game changer and economic super power within the last 30 years. To understand and comprehend the enormous economic, cultural and political development, which China went through in such a rapid time, this paper points out the major factors and driving force behind it. Also it elucidates future developments and major projects which will have a great effect on Chinas economy.
In the following pages, we will head to the major issues which China had to face and still faces today. First of all, the entry of China into the World Trade Organization and its long way till there. Which effects did this great step have for the Chinese economic growth and what are the future prognosis? How did the whole process take place and which threats is it still facing? Which benefits were achieved and which developments did they go through? How was China integrated in to the Coalition and what is the role allocation? And off course the Chinese Currency and its development will be looked at. All these significant subjects will be discussed profound and step by step in the next pages. The aim is to get a broad overview over the backgrounds of the opening of the Dragon and also its impact on world economy. Interesting details and apposite illustrations, will make this rather multifaceted topic intelligible and comprehensible.
At a glance
- Grade: 1.7 (1.0 is the best grade)
- Compares Chinese and US apparel markets using Euromonitor forecasts for 2019
- Charts Chinese GDP from 1952 to 2005 alongside major historical events
Contents
1. Abstract
1.1 Opening of the Dragon
2. WTO: Entry of China
2.1 Introduction
2.2 Chinas long way into the WTO
2.3 Resistance and Pro / Con Arguments for China joining the WTO
2.4 Chinas further economic Development within the WTO
2.5 Too big to be a bystander ‐ or to be kept out
2.6 Chinas actual economic Development
2.7 The Road Forward
2.8 Conclusion and Future Prognose
Objectives and Themes
This work aims to explain the forces behind China’s economic opening and development, focusing on its accession to the World Trade Organization and its relationship with the global economy. It asks how accession came about, what obligations and challenges accompanied it, and how China’s economic development relates to international trade and future cooperation.
- Economic reforms and China’s opening to international trade
- The negotiations and obligations associated with WTO accession
- Arguments for and concerns about Chinese membership
- Trade barriers, market access and economic development
- Apparel markets, the renminbi and regional cooperation
Excerpt from the Book
The Road Forward
Adjusting the Chinese development model is a painful process; however, major effort is once again underway to reorient the economy — this time, toward strengthening internal demand, improving the domestic social security system, moving toward more value-added production by encouraging innovation and promoting environmental sustainability.
While the country is increasingly committed to multilateralism at the global level, China has also become increasing interested in regional cooperation in East Asia. Chinese academics view regionalism as providing China with a self-insurance option to absorb the risks of economic globalization and business cycle uncertainties; a tool to enhance security relations with neighbouring countries; and a means to increase China’s voice and influence in the international community by cultivating mutual trust and shared interests
In contrast, Chinese authorities emphasize that regional cooperation is not necessarily or inevitably in conflict with global multilateralism, as long as regional trade arrangements facilitate gains in trade and investment liberalization, even if only incrementally, or initially in one part of the world. Chinese officials also note that China is merely following the precedents set by the EU, the US, the North American Free Trade Agreement, and other regional arrangements in other parts of the developing world.
Chinese authorities have overcome their previous skepticism, and sovereignty concerns, related to regional multilateralism, which were held prior to the 1997 Asian financial crisis. They are now taking a more proactive approach to regionalism. This approach highlights China’s growing support for regional cooperation as a response to competitive liberalization in other regions of the world — the country has to catch up in order not to be left behind.
At the same time, Chinese authorities realize it is essential for all members of the WTO to help strengthen the global multilateral trading system so that all sides can benefit.
Striking the appropriate relationship between regional and global cooperation is now one of the crucial challenges in global governance, when trying to balance what is desirable and what is realistic in the emerging global order.
Chapter Summaries
Abstract: The opening section introduces China’s economic reforms and outlines the work’s interest in WTO membership, economic development and the global economy.
WTO: Entry of China: The main section considers accession negotiations, membership obligations and competing views of China’s participation in the WTO. It also discusses economic development, selected market and currency illustrations, regional cooperation and future prospects.
Keywords
China, World Trade Organization, WTO accession, economic reform, international trade, trade liberalization, market access, foreign direct investment, economic development, gross domestic product, apparel market, renminbi, regional cooperation, multilateralism
Frequently Asked Questions
What is this work about?
It examines China’s economic opening and its participation in the World Trade Organization, with attention to the relationship between Chinese development and global trade.
What are the central themes?
The main themes include WTO accession, trade obligations and barriers, economic growth, market developments and regional and global cooperation.
What is the primary aim of the work?
The work aims to provide an overview of the background to China’s economic opening and its impact on the world economy, especially through the question of WTO membership.
What method does the work use?
It presents a descriptive discussion drawing on cited publications and economic illustrations, rather than a reported survey or experiment.
What does the main section cover?
It follows China’s path into the WTO, considers arguments and concerns surrounding accession, and discusses subsequent economic development and trade relations.
Which keywords characterize the work?
Key terms include China, WTO accession, economic reform, trade liberalization, market access, the renminbi and regional cooperation.
How does the work illustrate economic development?
It includes a historical GDP graphic, an apparel-market comparison and a chart of renminbi developments.
How does the work address regional cooperation?
It considers China’s interest in East Asian regional cooperation and the relationship between regional trade arrangements and the global multilateral trading system.
- Quote paper
- Michael Wittmann (Author), 2016, World Trade Organisation and China, Munich, GRIN Verlag, https://www.grin.com/document/419808
