10YR ANNIVERSARY: CHINA'S ACCESSION TO WTO

In Beijing, a high-level forum marking the tenth anniversary of China's entry into the World Trade Organisation is getting underway. At the opening ceremony in the Great Hall of the People, Chinese President Hu Jintao said that during the ten years of practice under the WTO, China has widened its knowledge of how to develop globally and has also gained more confidence regarding opening up.

Former WTO Director General Michael Moore once said China's entry into the group would be one of the great stories in world history.

And looking back on the last decade, the accession has indeed exceeded everyone's expectations.

Hu Jintao, Chinese President, said, "In the past 10 years, China persisted in the principle of equality and mutual benefit, continued reform and opening-up and advanced win-win cooperation. China has become a strong force to promote the world economy. China has fully enjoyed the benefits as a WTO member. Our economy has received a good external environment for development. And our cooperation in economy, trade, science and technology, culture and other areas with the world, is constantly widening and deepening."

China was the world's largest exporter and second-largest importer for two consecutive years by the end of 2010. In the same year, China's GDP stood at 40 trillion yuan, becoming the 2nd largest economy in the world.

When China signing the membership to the WTO in December, 2001, Chinese firms appeared more alarmed than relieved. With tariffs set to be slashed, and restrictions on foreign rivals expected to be eased, many saw a shaky future for some of China's least competitive industries.

However, ten years on, Chinese lenders are among the most profitable banks in the world and have largely been protected from the financial crisis.

China's self-sufficiency rate in grain remains above 95 percent, and the country surpassed the United States in 2009 to become the world's biggest auto producer.

And by 2010, all of China's commitments made upon entry into the WTO had been fulfilled.

China cancelled all non-tariff trade barriers that were against the WTO rules, such as import quotas and licenses, on January 1st, 2005.

Its import tariff reductions, over the decade, amounted to 9 billion US dollars, by the end of October this year.

It has established 16 free trade zones with 29 countries or areas, and carried out 10 free trade agreements and three preferential trade arrangements.

Since entry, China has fostered a more regulated and mature environment for foreign investment, which gives foreign organizations better development opportunities.

And according to the Ministry of Commerce, over the course of the five years, China's imports will reach eight trillion US dollars.