China and the WTO
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This paper discusses how China initiated, perhaps, what can be called the biggest commitment that any country had made in welcoming the 21st century, by joining the World Trade Organization (WTO) in 2001 and promising foreign markets a whole new package of augmented accessibility to China's local markets as well as decreased taxes and tariffs on trade. The paper also examines how the entry posed various challenges and problems and simultaneously made the Chinese reevaluate certain aspects of their businesses and allowed them to learn different methods to survive and benefit instead of merely depending upon the decisions of the states and government.
From the Paper:"The biggest factor that dominated the Chinese banking sector was their control by the government and the absence of any form of concept of profit-making. A high majority of the country's profits hence were accumulated in a total four banks. However, the turning point in letting foreign banks have the freedom to dictate their terms in the banking sector came when Beijing in an attempt to organize the banking sector as a competitor for foreign banking systems built four commercial banks and permitted them to lend money based on what at the time seemed like a good lending policy. However, the inexperience of lending financial loans made the situation worse and in order to retain local clientele base the Chinese government had to allow foreign banks the freedom that they needed to work within the Chinese societies as well as learn the art of loaning and profit-making in order to have any contribution in the local banking sector. "
Sample of Sources Used:
- Richard H.K. Vietor, Julia Galef. China and the WTO: What Price Membership? 2006.
- Oi, J., Bebenek, C. and Spar, D.L. China: Building "Capitalism with Socialist Characteristics". 2006.
Cite this Analytical Essay:
China and the WTO (2010, June 07) Retrieved July 05, 2020, from https://www.academon.com/analytical-essay/china-and-the-wto-120214/
"China and the WTO" 07 June 2010. Web. 05 July. 2020. <https://www.academon.com/analytical-essay/china-and-the-wto-120214/>