China and the WTO: Changing China, Changing World Trade Review

China and the WTO: Changing China, Changing World Trade
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China and the WTO: Changing China, Changing World Trade ReviewIn December 2001, China agreed to join the World Trade Organization. According to projections, economic reforms undertaken since 1978 will help China to increase its GDP to $2.2 trillion by 2010, standing behind the United States, Japan and Germany. This progress raises many serious questions for its internal transformation and her role in the global economy.
The book considers carefully the economic, social and political consequences of this event. The phenomenal success of recent economic growth is attributed to high savings rates, protective laws and strong and effective government policies. However, the great challenges facing China to become a truly modern state are institutional reforms for sustained economic growth.
Based on the World Bank's projections, China would become the world's second largest economy in 2020 with 8% of global output, trailing the United States with a 19% share. If this happens, China's skilled workers would also see the world's highest wage gains, nearly a double increase! Consequently, the great challenge China's government and the World Trade Organization will face is to make sure that all levels of society receive a fair share of its economic growth.
Supachai Panitchpakdi and Mark Clifford correctly believe that globalization and trade promoted by the WTO for all nations, many of which are small, are equally important for China as well. Numerous studies indicate that there is a strong correlation between free trade and growth. Finally, it should be recognized, that China's entry into the WTO will dramatically raise the stakes for its Asian neighbors and rivals. It would attract more foreign investment followed by a higher sustained rate of growth and in turn would increase international trade and development and help other countries to develop their economies as well.China and the WTO: Changing China, Changing World Trade Overview

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