EDITORIAL
the world is changing marvelously after 15 years beyond people 15 years ago could ever imagine.....
CHINA'S accession into WTO in 2001 was a common memory for our generation. It is both a milestone for China and WTO.
IT took China longer than 15 years to be granted the "entrance ticket" into the "world economy club". China has made contributions to the global trading system over the past 15 years by opening up its economy, improving the stability, predictability, transparency of a large number of regulations that favor trade and economic activities, in addition to enhancing employment.
CHINA'S WTO accession has significantly boosted world trade, and China's rapid economic rise, notably in the textile, metals and machinery sectors and advanced its legal and governmental reforms.
HOWEVER the 15th anniversary was quickly overshadowed by US and EU's refusal to grant China the market economy status. China launched dispute settlement procedures at WTO by requesting consultations with the US and EU regarding the surrogate country approach when calculating anti-dumping measures against Chinese exports the second day after anniversary.
MEANWHILE, with the inauguration of president-elect of US approaching, the possibility of a potential trade war between China and the US after Trump takes office has come under heated discussion.
WOULD these signs open a new era in 2017 for China and WTO? Let's wait and see.