China and Trade Liberalization Analytical Essay by Master Researcher

China and Trade Liberalization
A look at the impacts of China's entry into the world market.
# 39147 | 1,331 words | 10 sources | MLA | 2002 | US
Published on Oct 04, 2003 in Economics (International) , Asian Studies (General)

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This paper examines the impact of china's integration into the world economy. The paper discusses the impacts on various sectors of China's economy, on human rights in China and on the balance between developed and developing countries in the WTO. The paper also points out that within China, the most fundamental change will be the impact that accession has on the financial services industry.

From the Paper:

"In the mid-1970s the death of Mao, followed by turmoil surrounding his widow resulted, in 1978 in Deng assuming power. Deng emphasized economic development and launched of the reform programme. According to Roger Chen, by 1997, the twentieth year of the reform era, China's economy was demonstrating excellent economic figures. In 1997 "economic growth reached 8.8 foreign investment increased 13 percent. Exports...increased 20 percent, reaching $180 billion and generating more than $40 billion in surplus.... The country's foreign exchange reserves exceeded $140 billion." All of these statistics indicate China's increasing reliance on the marketplace and the growing integration of its economy with the global economy.
"China was an original member of GATT and became eligible for consideration for membership in WTO automatically. In 1995 a WTO Working Party on China was first formed. The Working Party had two tasks. To determine the current nature of China's foreign trade and its tariff system and to prepare a Protocol listing the changes required and providing a timetable for their implementation pending Chinese admission to WTO. It was on the basis of this document that China was admitted in September 2001. On September 17, 2001 the World Trade Organization (WTO) announced that it had successfully concluded negotiations concerning China's terms of membership, effective December 11, 2001 with the Protocol on Membership to commence January 1, 2002."

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