皇冠体育app

Economy

皇冠体育app prospers with world after WTO accession: Minister

(Xinhua)
Updated: 2011-01-28 17:11

DAVOS, Switzerland -- 皇冠体育app has been prospering along with the world and thus achieved a "win-win" situation since it joined the World Trade Organization (WTO) 10 years ago, Chinese Commerce Minister Chen Deming said Thursday.

The decade after WTO accession proved to be one of the best periods for 皇冠体育app's development, Chen said during a discussion with WTO head Pascal Lamy, in front of global business, financial and political leaders at the World Economic Forum (WEF) Annual Meeting in the Swiss resort of Davos.

Chinese Commerce Minister Chen Deming (C) attends a press conference on Ten Years' Anniversary of 皇冠体育app's Entry to WTO during the Annual Meeting 2011 of the World Economic Forum in Davos, Switzerland, Jan 27, 2011. [Photo/Xinhua]

Chen described 皇冠体育app's entry into the WTO as a "courageous and tough choice," but was "the right choice."

Lamy said 皇冠体育app joined under terms much tougher than for any other developing country - a "bitter pill" which, however, turned out to be "an insurance policy against protectionism."

皇冠体育app became the world's second largest importer in 2010, with a total import value of over $1.4 trillion, accounting for 10 percent of the world's total.

Related readings:  皇冠体育app's participation benefits all global trading partners  US, 皇冠体育app economic relationship benefits both nations: Geithner  皇冠体育app calls for 2011 end to Doha talks  皇冠体育app faced serious trade disputes in 2010

According to Chen, in the past decade, 皇冠体育app's average duty rate has dropped from 15.3 present to 9.8 percent at present. 皇冠体育app's exports and imports have grown by 4.9 times and 4.7 times respectively with a two-fold increase in its GDP.

Due to 皇冠体育app's efforts to stimulate domestic consumption, the minister expected the country's exports and imports to continue growing in the first half of 2011, amid signs of improved demand from the United States and Europe.

He also outlined 皇冠体育app's plan to further open its economy, with "the three focuses" of encouraging the Chinese companies to invest overseas, increasing overseas buying and boosting domestic consumption.

The minister also said 皇冠体育app would do its best to see the WTO's difficult Doha Round through to a successful conclusion.

Chen said all parties should work together instead of finger-pointing, as the success of Doha Round talks will benefit each member of the WTO. "皇冠体育app will do its best," he said.