In a strategic move ahead of the World Trade Organization's (WTO) ninth trade policy review, China showcased its economic and trade strategies at a side event in Geneva on Tuesday.
The event aimed to provide WTO member countries with a comprehensive understanding of China's economic and trade policies, drawing insights from both central and local government perspectives.
Experts from renowned Chinese institutions, including the China Academy of Macroeconomic Sciences and Wuhan University, along with representatives from foreign businesses operating in China, shared their perspectives on the policies and practices that drive China's high-quality development and its commitment to maintaining a high level of openness.
Discussions delved into China's recent economic performance, future growth prospects, and new initiatives focused on developing quality productive forces, establishing a unified national market, and fostering the growth of the private sector. Case studies highlighted China's efforts to expand openness, optimize the business environment, and support the operations of foreign enterprises within its borders.
Li Chenggang, China's permanent representative to the WTO, emphasized the importance of the pre-review meeting as a proactive step towards implementing WTO reforms. He highlighted the enhanced transparency and mutual trust that the trade policy review mechanism fosters among member states, essential for the effective functioning of the WTO.
Alexander Keck, head of Global Economic Analysis at the WTO's Economic Research and Statistics Division, commended China's open approach in preparing for the trade policy review. He recognized China's role in promoting member participation and interactive dialogue, noting it as the first member to actively implement the outcomes of the WTO trade policy review mechanism reforms.
Under WTO rules, members ranking among the world's top four in trade volume undergo a review every two years. This review serves as a critical transparency mechanism, allowing members to address questions and concerns regarding each other's trade policies, ensuring clarity and commitment to policy implementation.
Reference(s):
China presents its trade policies ahead of WTO's biennial review
cgtn.com
