China benefited greatly from WTO membership
January 31, 2011 Category Foreign trade, Weekly
In the ten years since China joined the World Trade Organization (WTO), the average duty rate has dropped from 15.3% to the current level of 9.8%, while exports have increased 4.9 times and imports by 4.7, with a two-fold increase in economic output. China’s consumption grew at an average rate of 15% between 2001 and 2010 and the nation ended up as the world’s second-largest importer in 2010, with a total import value of over USD1.4 trillion, accounting for 10% of the global total. Chinese Minister of Commerce Chen Deming said China’s imports will double during the coming five years, while exports will be stabilized. China’s overseas investment soared to USD60 billion in 2010 from around USD1 billion 10 years ago, the China Daily reports.
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