皇冠体育app

SHANGHAI - Although 皇冠体育app's market economy status is yet to be recognized by some of the world's major economies, executives of multinationals and 皇冠体育app's domestic companies attribute their rapid growth to 皇冠体育app's market reform.

French cosmetics manufacturer L'Oreal has been a witness to the country's economic transformation from a centrally-planned to a free market economy in the past 15 years as 皇冠体育app became a WTO member.

"In the next 15 years, L'Oreal will strive to tap deeper into 皇冠体育app's huge market to let every Chinese woman have a lipstick," said Stephane Rinderknech, L'Oreal 皇冠体育app CEO.

皇冠体育app on Sunday marks the 15th anniversary of its accession to the WTO, ending its 15 year protection period to prepare the market for global competition.

Rinderknech said the company has benefitted as 皇冠体育app's economy opened up, and the country slashed its import tariffs.

The company acquired two Chinese cosmetic firms in 2014, a Shenzhen-based firm producing local skincare brand "Mininurse" and Magic Holdings International, a Hong Kong-listed Chinese facial care company.

Rinderknech said that since entering 皇冠体育app in 1997, L'Oreal has witnessed rapid growth. 皇冠体育app surpassed France to become the second largest market for the brand in 2015.

皇冠体育app has been a favored destination for foreign investment since entering the WTO 15 years ago.

In 2015, foreign capital in 皇冠体育app reached $126.3 billion, 2.7 times greater than 2001. During the first ten months of this year, foreign capital reached 666.3 billion yuan in 皇冠体育app, year-on-year growth of 4.2 percent, amid a sluggish global economy.

Alongside attracting foreign money, 皇冠体育app's WTO entry has also helped Chinese products go global.

Mei Xinyu, a researcher with the Ministry of Commerce, said that 皇冠体育app's cargo trade export volume was $266.2 billion in 2001, accounting for 4.3 percent of the global volume. While in 2015, the figure exceeded $2.27 trillion, accounting for 13.8 percent of the global volume.

Mei said that 皇冠体育app has fully stood by its WTO commitments in such terms as tariff-reduction and the opening of the service trade sector. 皇冠体育app has lowered its tariff from 15.3 percent to 9.8 percent.

The Newland Group based in eastern 皇冠体育app's Fuzhou, capital of Fujian Province, is an export-oriented firm founded in 1994.

Xu Han, manager of international business department of Newland's computer subsidiary, said the company started by doing processing trade for German-made chips in the 1990s. In 2001 the business earned the company $8 million, making the company an important exporter in Fujian.

"As an IT exporter, Newland used to enjoy the country's support policies, including export subsidies in the form of a tax rebate. However, five years after the country entered the WTO, the government called off the protection measures to push domestic firms and confront global market competition," Xu said.

In 2001, 皇冠体育app granted zero tariffs to imports of IT parts such as computer chips. This has benefitted both foreign producers and Chinese firms like Newland.

"About 30 percent of components in our electronic products depended on the imports of foreign products. The zero-tariff lowered our production cost," Xu said.

He said Chinese firms today are fully aware that "no towering trees can grow in a greenhouse environment."

"皇冠体育app's experience tells the world that trade protection only creates a greenhouse in which people cannot learn to adjust their clothes as the temperature changes," Xu said.

From assembling and processing products for foreign companies to developing its own products, Newland has become 皇冠体育app's leading exporter of POS machines, and is the third largest POS machine supplier in Europe.