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"China accession into the world trade organization. The potential economic Leviathan."
China accession into the world trade organization. The potential economic Leviathan.
Author:
Quentina Green
On November 10, 2001 the world ultimately granted China membership into coveted trade organization, the WTO. Not since Deng Xiaoping's economic reforms of 1978 has China made such a giant leap toward the creation of a market economy.
The World Trade Organization (WTO) finally opened its door on Saturday to China, the world's most populous ?C and one of the most robust ?C economy, sending a positive signal to the world economy loitering on the brink of a full-blown recession?(Xinhua, Financial Times)

With the completion this fifteen year negotiation, China will now be forced to abide by international trade regulations so as to completely open its doors with ten years. WTO membership will provide countless economic benefits to China's burgeoning economy but the initial adjust period will certainly cause massive unemployment and possible political unrest. With economists projecting that if current growth rates continue the Chinese economy will surpass Japan, China is on the brink of dominating the Asian economy. Although there are many circumstances that may derail this progress, the Chinese now have the tools necessary to develop the powerhouse economists have been citing for the past decade.

China's entry into the WTO was particularly slow (fifteen years of negotiating) for a variety of disparities; from trade barriers to individual market reforms. During negotiations the American delegation was particularly stringent on removing China's tariff and non-tariff barriers to trade. For instance, so as to protect China's infant car industry, the government established a one hundred percent import duty on all foreign automobiles. Non-tariff barriers such as quotas and licensing also made business difficult for foreign companies. To purchase foreign appliances Chinese citizens were often forced to purchase a license to have the unit installed. These anti-competitive devices needed to be abolished so as to comply with the spirit of fair competition...

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essay on China accession into the world trade organization. The potential economic Leviathan.
Pages:
7 (1804 words)
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Added:
03/16/2011
Category:
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Drewes
Hi!!! I need an essay on China accession into the world trade organization. The potential economic Leviathan.
05/17/2007
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