23 Years in the WTO: Advancing Economic Globalization, China's Perspective
China's entry into the WTO on December 11, 2001, represented a pivotal moment for economic globalization. Over the last 23 years, China has embedded itself within the global economy, playing a crucial role in its expansion and stability. With its strong economic performance and active trade relationships, China has emerged as a leading force in globalization, advocating for free trade and countering protectionist measures.
TroibNews 
**Editor's note:** Zhou Jianjun is an assistant researcher at the Institute of State System Research and School of Economics, Zhejiang University. The article reflects the author's opinions and not necessarily the views of CN. It has been translated from Chinese and edited for brevity and clarity.
On December 11, 2001, China became the 143rd member of the World Trade Organization (WTO). This important event not only catalyzed domestic economic progress but also revitalized the global economy, significantly aiding the process of economic globalization. Over the past 23 years since joining the WTO, China has integrated itself deeply into the global economy and is poised to continue pursuing a strategy focused on mutual benefit and shared development with other nations.
**China's Economic Expansion: A Key Driver of Globalization**
China's growth has been linked to globalization, and conversely, economic globalization has also flourished with China's rapid progress. In 2001, China's GDP was $1.34 trillion, making up only 3.98 percent of the global economy and ranking sixth in the world. In contrast, the United States had a GDP of $10.58 trillion, with China's GDP representing a mere 12.67 percent of the U.S. figure. By 2023, China's GDP soared to $17.79 trillion, accounting for 16.9 percent of the global economy and ranking second worldwide, equivalent to 65.4 percent of U.S. GDP. This shift established the G2 framework between China and the U.S. Since its WTO accession, China's share of global economic growth has increased significantly, rising from under 10 percent to over 30 percent, reaching 32 percent in 2023. Consequently, China is recognized as the largest engine of economic globalization.
**China's Unique Role in Global Trade Development**
China stands out in economic globalization because of its rapid trade expansion. It is the only nation that encompasses all industrial categories defined by the UN, allowing it to provide the world with affordable, high-quality products, earning the title of the "world's factory." With a population of 1.4 billion, China also represents an enormous market for international trade. In 2001, China's total imports and exports reached $509.7 billion, merely 4 percent of the global market. By 2023, this figure increased to $5.9 trillion, or 12.6 percent of the global total. China has held the top position in global goods trade for seven consecutive years, serving as a major trading partner to over 150 countries and regions. Its extensive trade network and efficient supply chains render China an irreplaceable participant in economic globalization.
**China as a 'Stabilizer' and 'Buffer' in the Global Economy**
China's economic and trade development showcases a remarkable resilience and capacity to withstand risks from both internal and external sources. Since joining the WTO in 2001, China has navigated various domestic challenges, including the SARS epidemic, the Wenchuan earthquake, and the COVID-19 pandemic, along with external crises like the global financial downturn, the U.S.-China trade war, and geopolitical tensions. Despite these hurdles, China has maintained robust growth, with economic output and trade figures consistently exceeding global averages, positioning itself among the leading economies. During the COVID-19 crisis, China's economy was the first to recover, supplying essential goods to the global market and playing a crucial role in stabilizing worldwide economic recovery.
**China's Economic System Reforms: A Model for Globalization**
Since its entry into the WTO, China has aligned itself with international trends and actively advocated for economic system reform. In recent years, it has implemented numerous reform measures, including easing market access, reducing taxes, providing financial assistance, and fostering the private sector. By September 2024, the number of private enterprises in China reached 180.86 million, constituting 96.37 percent of all market entities, reflecting a more than fourfold increase over the past decade. These reforms have strengthened China's market economy, offering a model for other countries seeking to enhance their own economic systems and contributing to global economic integration.
**China's Ongoing Commitment to Openness and Globalization**
Post-WTO accession, China has undertaken various initiatives to elevate its openness. Highlights include the successful launch of the first China Railway Express in 2011, which established a land transport corridor with Eurasian nations. In 2013, China introduced the Belt and Road Initiative, resulting in cooperation agreements with over 150 countries and 30 international organizations. Additionally, China has signed 23 free trade agreements and the Regional Comprehensive Economic Partnership, which includes Japan, South Korea, Australia, New Zealand, and ASEAN countries. These efforts have not only enhanced China's openness but also bolstered economic exchanges and trade with global partners, significantly advancing economic globalization.
**China's Advocacy for Trade Liberalization Amidst Protectionism**
In light of rising protectionism and "deglobalization" trends, China has remained firm in its opposition to trade barriers and tariff increases. It has proactively defended trade liberalization by strengthening negotiations with the U.S. and EU to combat tariffs while also significantly lowering its own import tariffs. China grants zero-tariff treatment to all "least developed countries" with diplomatic ties, and its overall tariff level has now reached 7.3 percent, nearly aligned with developed nations' averages. These reductions illustrate China's resolve to counter protectionism, promote trade liberalization, and further spur economic globalization.
Moreover, China has implemented additional measures to dismantle obstacles to economic globalization. For instance, it has encouraged local governments to form international friendship city relationships, fostering trade and cooperation through these connections. To date, China has established 3,064 such relationships with 147 countries across five continents. This expansion of local-level international exchanges has created pathways for non-governmental interactions, reinforcing the foundation for economic globalization and supporting its ongoing development.
Emily Johnson for TROIB News
On December 11, 2001, China became the 143rd member of the World Trade Organization (WTO). This important event not only catalyzed domestic economic progress but also revitalized the global economy, significantly aiding the process of economic globalization. Over the past 23 years since joining the WTO, China has integrated itself deeply into the global economy and is poised to continue pursuing a strategy focused on mutual benefit and shared development with other nations.
**China's Economic Expansion: A Key Driver of Globalization**
China's growth has been linked to globalization, and conversely, economic globalization has also flourished with China's rapid progress. In 2001, China's GDP was $1.34 trillion, making up only 3.98 percent of the global economy and ranking sixth in the world. In contrast, the United States had a GDP of $10.58 trillion, with China's GDP representing a mere 12.67 percent of the U.S. figure. By 2023, China's GDP soared to $17.79 trillion, accounting for 16.9 percent of the global economy and ranking second worldwide, equivalent to 65.4 percent of U.S. GDP. This shift established the G2 framework between China and the U.S. Since its WTO accession, China's share of global economic growth has increased significantly, rising from under 10 percent to over 30 percent, reaching 32 percent in 2023. Consequently, China is recognized as the largest engine of economic globalization.
**China's Unique Role in Global Trade Development**
China stands out in economic globalization because of its rapid trade expansion. It is the only nation that encompasses all industrial categories defined by the UN, allowing it to provide the world with affordable, high-quality products, earning the title of the "world's factory." With a population of 1.4 billion, China also represents an enormous market for international trade. In 2001, China's total imports and exports reached $509.7 billion, merely 4 percent of the global market. By 2023, this figure increased to $5.9 trillion, or 12.6 percent of the global total. China has held the top position in global goods trade for seven consecutive years, serving as a major trading partner to over 150 countries and regions. Its extensive trade network and efficient supply chains render China an irreplaceable participant in economic globalization.
**China as a 'Stabilizer' and 'Buffer' in the Global Economy**
China's economic and trade development showcases a remarkable resilience and capacity to withstand risks from both internal and external sources. Since joining the WTO in 2001, China has navigated various domestic challenges, including the SARS epidemic, the Wenchuan earthquake, and the COVID-19 pandemic, along with external crises like the global financial downturn, the U.S.-China trade war, and geopolitical tensions. Despite these hurdles, China has maintained robust growth, with economic output and trade figures consistently exceeding global averages, positioning itself among the leading economies. During the COVID-19 crisis, China's economy was the first to recover, supplying essential goods to the global market and playing a crucial role in stabilizing worldwide economic recovery.
**China's Economic System Reforms: A Model for Globalization**
Since its entry into the WTO, China has aligned itself with international trends and actively advocated for economic system reform. In recent years, it has implemented numerous reform measures, including easing market access, reducing taxes, providing financial assistance, and fostering the private sector. By September 2024, the number of private enterprises in China reached 180.86 million, constituting 96.37 percent of all market entities, reflecting a more than fourfold increase over the past decade. These reforms have strengthened China's market economy, offering a model for other countries seeking to enhance their own economic systems and contributing to global economic integration.
**China's Ongoing Commitment to Openness and Globalization**
Post-WTO accession, China has undertaken various initiatives to elevate its openness. Highlights include the successful launch of the first China Railway Express in 2011, which established a land transport corridor with Eurasian nations. In 2013, China introduced the Belt and Road Initiative, resulting in cooperation agreements with over 150 countries and 30 international organizations. Additionally, China has signed 23 free trade agreements and the Regional Comprehensive Economic Partnership, which includes Japan, South Korea, Australia, New Zealand, and ASEAN countries. These efforts have not only enhanced China's openness but also bolstered economic exchanges and trade with global partners, significantly advancing economic globalization.
**China's Advocacy for Trade Liberalization Amidst Protectionism**
In light of rising protectionism and "deglobalization" trends, China has remained firm in its opposition to trade barriers and tariff increases. It has proactively defended trade liberalization by strengthening negotiations with the U.S. and EU to combat tariffs while also significantly lowering its own import tariffs. China grants zero-tariff treatment to all "least developed countries" with diplomatic ties, and its overall tariff level has now reached 7.3 percent, nearly aligned with developed nations' averages. These reductions illustrate China's resolve to counter protectionism, promote trade liberalization, and further spur economic globalization.
Moreover, China has implemented additional measures to dismantle obstacles to economic globalization. For instance, it has encouraged local governments to form international friendship city relationships, fostering trade and cooperation through these connections. To date, China has established 3,064 such relationships with 147 countries across five continents. This expansion of local-level international exchanges has created pathways for non-governmental interactions, reinforcing the foundation for economic globalization and supporting its ongoing development.
Emily Johnson for TROIB News
