Joining the WTO 20 years ago was a watershed event in China's development. Since then, the country has continued to further open-up to the outside world, unleashing a new wave of domestic development, but also providing major opportunities for businesses around the world to grow with the Chinese economy.
Over the past twenty years, China’s international trade has grown sixfold since its accession to the global trading regime. China’s import tariffs are now 7.4%, the lowest among all developing nations in the WTO and close to the level of developed members.
It has greatly improved the efficiency of resource allocation worldwide including trade and investment. From the perspective of production and consumption, it has greatly improved the efficiency of economic operations. We can see that after China’s WTO entry, global inflation rate has been at relatively low level.
The global financial crisis and the outbreak of the epidemic have kept the world economy in a relatively difficult period. And it is true that there is an anti-globalization trend in the world. But in such a difficult situation, China still insists on reform and opening-up including tariff reduction, participation in regional trade synergy negotiations, and holding major trade events such as the China International Import Expo.