(Yicai Global) Sept. 28 -- China will put its weight behind reform of the World Trade Organization so long as it continues to honor existing rules and not create a new institution, according to the nations' Ministry of Commerce.
"The WTO is not perfect and is facing challenges to its authority and effectiveness amid prevailing protectionism and unilateralism," ministry spokesman Gao Feng said at a regular press briefing in Beijing yesterday. Reforms are necessary to help the multilateral trading system keep up with the times, he added.
"The multilateral trading system, with the WTO as its epitome, has been indispensable in fighting protectionism, promoting trade and advancing sustainable development," Gao said, adding that any reform must not change the basic principles of the Geneva-based trade body or reverse trade liberalization.
The organization should focus on moving forward by catering to the reasonable needs of developing members, Gao added, saying it should also progress on a basis of mutual respect and prioritize issues that threaten its existence. China opposes individual WTO members imposing their will on others, he said.
Editor: James Boynton