China And WTO
As of 11th November 2001, China has eventually become a member of WTO (World Trade Organization), after 15 years of painstaking effort and arduous negotiation. This indicates that China will start opening the markets to the world and has entered a new stage of development. This was a major event of historic significance in China's modernization drive it will certainly exert important and far-reaching influence on China's economic development and social progress. Besides the economy as a whole, it was a remarkable history in every single Chinese people. Accession to the WTO is China's own needs for reform, opening up and economic development. The WTO (its predecessor is the GATT) is an important international organization handling trading problems in today's world, its basic functions are to formulate and supervise the implementation of multilateral trading rules, organize multilateral trade negotiations and solve trade disputes among its members, playing an irreplaceable role in world economic and trade development (Morrison, 2002, p.260).It is generally agreed that China benefits much from the accession to the WTO. It will, from many aspects, brings China opportunities for development, which will help it continue
Also, careful and proper management must be applied in the domestic enterprises in order to survive in the market. Coal export from China relies highly on the Asian market, which accounts for 80% of its total export annually, of which the largest share flows to East Asia. The most significant one is the increase of challenges with the increase of inflow of the products and services trade into the domestic market because of the reduced tariffs. At present, the production cost of old mines reaches a high of 140 to 150 RMB/ton, that of new mines 70 to 80 RMB/ton. Also, government and enterprises has to make various adjustments in economic management which may affect the efficiency. Minerals and Mining IndustryIn terms of overall production volumes, China is the world's largest producer of coal, steel, zinc, tin, lead and manganese. Automobile IndustryChina's automobile market has always enjoyed government protection through high import tariffs. Hsiung, 2003, The Aftermath of China's Accession to the World Trade Organization, The Independent Review, v. The domestic banking sector is facing an enormous challenge from the foreign banks. , 2002, The International Business Environment, Houndmills, Basingstoke: Palgrave6. ConclusionIt is believed that the relationship between WTO and China is both direct and significant. The major disadvantage that leads to the China's domestic industries is the intensive competition.
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Acceptance Essays
