December 11th marks the 23rd anniversary of China's accession to the World Trade Organization (WTO), an event that reshaped the global economic landscape. Since then, China has solidified its role as a major player in globalization, becoming the world's biggest trading country and the second largest economy.
For Western nations, China's entry into the WTO signified an expansion of the liberal trading system, reflected in China's stringent commitments for membership. With a skilled labor force and unparalleled infrastructure, China became the world's manufacturing hub. Western companies were drawn to China not just for low production costs but also for its reliability and capacity to scale.
China's WTO accession was not a neoliberal surrender but a strategic move to grow production forces. The state retained control over strategic sectors while liberalizing markets, allowing China to integrate into the global economy without sacrificing political stability and sovereignty.
In the West, some viewed China's WTO membership as an opportunity to leverage capital and liberalization to potentially weaken its governing system, a notion encapsulated in the \"China collapse theory.\" However, China successfully navigated the challenges of liberalization while maintaining political control, ensuring that globalization benefits a broader population. This strategy has been instrumental in reducing poverty, building world-class infrastructure, and fostering economic growth.
China's ability to achieve growth while retaining sovereignty resonates with many in the Global South, who seek similar paths. China's success, partly due to its WTO membership, should be celebrated by proponents of free trade, countering the rising trend of trade protectionism, especially from the U.S., which contradicts the WTO system.
Despite accusations of \"dumping,\" China's advancements in research and development, its vast talent pool, and cutting-edge production capabilities continue to drive its economic prowess, challenging the hegemony that seeks to overshadow its achievements.
Reference(s):
cgtn.com
