WTO Accession, Foreign Direct Investment and International Trade
Edited by Chunlai Chen
Chapter 1: China’s Economy After WTO Accession: An Overview
Chunlai Chen China’s accession to the World Trade Organization (WTO) in December 2001 is widely regarded as a major milestone in the development of the Chinese economy as well as the multilateral trading system. There is no doubt that the accession has led to deepened integration of the Chinese economy into the global economy and moved China towards a more rules-based economic system. However, at the same time, meeting China’s commitments to the WTO under the protocol of its accession raises enormous problems and challenges to China, its trading partners and the WTO itself. China’s full conformity to the WTO is strategically important for China, its trading relations with others and the multilateral trading system. This book provides a remarkable background of information about China’s economy after WTO accession and analyses many important issues concerning China’s economic growth, international trade, transparency of trade policy, regional trade arrangements, foreign direct investment, banking sector liberalization, exchange rate reform, agricultural trade and energy demand. The book is an indispensable source for scholars and students interested in Chinese economic studies and many chapters should also be of interest to a wide range of readers. This introductory chapter will first present a brief review of China’s fast economic growth after WTO accession and discuss the sources contributing to China’s economic growth. Then it will discuss the increasing integration of China’s economy with the global economy and analyse the issues associated with the rapid expansion of China’s international trade. Subsequently, it will discuss a number of...
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