(Yicai Global) June 29 -- China has “faithfully” honored the promises it made on the day it joined the World Trade Organization, its commerce ministry has said in a white paper, while defending the country against US President Donald Trump’s claim that it enjoys “tremendous perks and advantages” at the global trade body.
After accession in late 2001, China opened its markets for commodity trading, freight, and foreign direct investment, Vice Minister of Commerce Wang Shouwen said in the report, Chinanews reported. The newly opened markets offered significant prospects to developed and developing trade partners, he added.
“China, which is a great economic power, is considered a developing nation within the World Trade Organization,” Trump tweeted in April. “They therefore get tremendous perks and advantages, especially over the U.S. Does anybody think this is fair. We were badly represented. The WTO is unfair to U.S.”
Wang pointed out that China has in fact brought considerable opportunities to US companies through its WTO membership. When China joined the group, its US imports amounted to USD26 billion, just 2 percent of the North American country’s total exports. Last year, China was the third-largest export market for US goods, making up 8 percent of America’s total outbound goods.
Since 2002, China’s economic growth has contributed to the world economy by almost 30 percent, Wang said. From 2001 to 2017, imports jumped 13.5 percent, twice the global rate. Service imports surged 17 percent, almost three times the global average, he added.
Editor: Emmi Laine