Benefits of Free Trade

Chinas accession to the World Trade Organization （WTO） in 2001 has accelerated the integration of the countrys economy and society into the worlds. Fifteen years after the accession， its found that while benefiting from globalization， China is also contributing to global economic development.

In the past 15 years， China has fulfilled its WTO accession commitments. Most importantly， it has completed the transition from a planned to a market economy. Chinas market economy status has already been recognized by almost 90 WTO members. The country is cooperating and competing with other members within the market economy framework in accordance with WTO requirements and standards.

Over this period， China has evolved into the worlds second largest economy at a breathtaking speed. Meanwhile， it is also the worlds largest goods trader， the third biggest outbound investor and the second largest foreign investment destination. China is now a bellwether of the world economy， with its contribution to world economic growth far exceeding that 15 years ago.

International businesses have obtained huge investment opportunities in China， sharing the fruits of the countrys rapid economic growth. At the same time， the advanced production and managerial experience brought by international capital has also promoted Chinas progress. At no time before has China been so closely connected to the world， and never has its contribution accounted for so much of the worlds economic growth in modern history.

However， today， globalization is encountering headwinds in its cradle—the Western world. The EU is trying to replace Article 15 of the Protocol on the Accession of the Peoples Republic of China， which permits using“surrogate countries” in anti-dumping investigations against China and is due to expire by December 11. With the EUs proposed new trade rules on “market distortion” and U.S. President-elect Donald Trump threatening to quit the WTO， trade protectionism on the part of Western countries is rising. China has steadfastly advocated free trade. President Xi Jinping vowed to take the lead in economic globalization at the APEC Economic Leaders Meeting in Peru on November 20. China is honoring these commitments through the implementation of the Belt and Road Initiative and the creation of multilateral mechanisms such as the Asian Infrastructure Investment Bank.

History has proved that trade protectionism leads nowhere. WTO rules based on globalization must be safeguarded and developed. As a beneficiary of globalization since its WTO accession， China will continue to be a committed advocate of free trade.