What kinds of benefits continue to be expected with Chinas recent accession to the WTO?
Over the past 20 years, China has experienced tremendous economic expansion. This expansion has been fueled by vigorous reforms in government policy resulting in growth rates averaging nearly 10% annually. With such expansion, an array of new jobs and investment opportunities has been created in China. The effect of China’s transformation from an inward looking, planned economy to a more market oriented, trading country has greatly affected the global economy, influencing such things as consumer choice and investment location. In many respects, WTO membership is China’s best option for sustaining its economic growth and reform. Reforms are expected to act as a catalyst for the domestic economy, as well as encourage foreign direct investment. In the long term, it is expected to have an effect on judicial reform, regulatory reform, privatization and the labor markets. It is hopeful that WTO membership will also increase the export market and provide access to advanced technology. Needles
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