(Yicai Global) Dec. 10 -- Joining the World Trade Organization strengthened China’s determination to reform, open up, and introduce a fair competition mechanism, according to Huo Jianguo, who witnessed the country’s accession talks.

China acquired more effective experience in reforming and opening up and adopted independent opening-up measures after joining the WTO, Huo, vice chairman of the China Institute for World Trade Organization Studies, told Yicia Global.

For example, opening to the banking sector has by far surpassed its promise when joining the global trade body, he added, noting that the country also lowered some tariffs on its own accord.

“We recognize that opening up is effective and can promote domestic reform,” Huo said. “After joining the WTO, the development of China’s export-oriented economy and the positioning of Chinese companies in the global market accelerated due to the multilateral trading system’s international rules.”

Meanwhile, the improvement in China’s economic strength has also provided a broad market for foreign capital and multinational companies, he noted.

It is hard to predict whether the negotiations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership will succeed, Huo said, noting that it may take three to five years, or even longer. But it is possible to "reform while negotiating,” forcing domestic reforms through openness commitments, he added.

Joining the CPTPP would help Chinese companies that trade overseas to expand their market, Huo said. Moreover, China’s accession would double the gross domestic product of the member countries to 30 percent of the global total from about 14 percent to 15 percent, he said.

That would not only enhance the trade multiplier effect within the CPTPP, but also have an impact on the countries outside of the agreement, Huo noted.

Editors: Tang Shihua, Futura Costaglione