The Political Economy of WTO Implementation and China’s Approach to Litigation in the WTO

The Political Economy of WTO Implementation and China’s Approach to Litigation in the WTO

Yenkong Ngangjoh Hodu and Zhang Qi

The concept of compliance of World Trade Organization law as part of international economic law is examined in this discerning book. The issue of compliance is examined through a broad perspective, considering the key conceptual issues which continue to dominate debate around contemporary world trade rule-making. In view of China's in shaping the political economy of the world trading system, this book places discussion within context of Chinese Confucian values

Introduction

Yenkong Ngangjoh Hodu and Zhang Qi

Subjects: asian studies, asian law, law - academic, asian law, international economic law, trade law

Extract

As a multilateral institution with currently 161 members, the WTO is somewhat the centre of the universe of major legal systems around the world. Apart from its developed members, there has been increased participation in the activities of the organisation, especially in its dispute settlement mechanism, by many of its emerging economies such as Brazil, China, India, and so on. For instance, since joining the WTO in December 2001, China has been party either as complainant or respondent to some 46 disputes. These numbers are obviously staggering if we compare them with cases involving other emerging BRICS economies or even some developed country members. Because of the size of its economy and the fact that China acceded to the WTO under relatively less than favourable terms, this high number of cases was somehow not unpredicted. Moreover, while many major economies in the last few years have witnessed reduction in their shares of world trade due to the 2008 financial crisis, China has become a holder of the world’s largest foreign exchange reserves and has tremendously increased its share of world trade. Membership of the WTO has undoubtedly been key to China’s economic success in the last 14 years. While the process of internal economic liberalisation started long before China finally acceded to the WTO in 2001, the accession to the WTO was a catalyst for several regulatory and institutional reforms in China.