Fulfilling the agreement and moving forward together – Revelations from China’s accession to the WTO
On November 10, 2001, the Fourth Ministerial Conference of the World Trade Organization was held in Doha, the capital of Qatar, to review and adopt China’s decision to join the WTO by consensus. After the decision was passed, Shi Guangsheng, then head of the Chinese government delegation and Minister of Foreign Trade and Economic Cooperation, and other participants applauded and celebrated. Photo by Xinhua News Agency reporter Wang Jianhua
The State Council Information Office is scheduled to release the white paper “China and the World Trade Organization” on June 28.
From Doha in the early winter of 2001 to Beijing in the midsummer of 2018, 17 years have witnessed China become an active participant, staunch defender and important contributor to the multilateral trading system, outlining China’s continuous expansion of opening up and walking with the world. Sign of the times.
This is the Qianwan Automated Container Terminal of Qingdao Port taken with a drone on May 4, 2018. Photo by Xinhua News Agency reporter Guo Xulei
We will keep our word and China will fulfill its obligations to the letter
Starting from July 1st, Chinese consumers who purchase imported cars will enjoy a “tariff gift package” – the tariffs on complete cars with tax rates of 25% and 20% will be reduced to 15%; the tax rates will be 8%, 10% and 15% respectively. %, 20% and 25% auto parts tariffs are reduced to 6%.
The substantial reduction of tariffs in the automotive sector is the epitome of China’s recent series of tariff reduction measures and is also one of China’s commitments to join the WTO. Tu Xinquan, dean of the China WTO Research Institute at the University of International Business and Economics, told reporters that after officially becoming a member of the WTO, China has fully fulfilled its tariff reduction commitments and gradually established a system that adapts to domestic and international standards by reducing tax rates, refining tax items, and optimizing tax structures. Economic development trends and a relatively complete tariff system.
In fact, as early as 2010, China had fully fulfilled its commitment to reduce tariffs on goods, and the overall tariff level dropped from 15.3% in 2001 to 9.8%, a decrease of 36%.
On January 17, 2016, the Asian Infrastructure Investment Bank headquarters building located in Beijing Financial Street was officially put into use. Photo by Xinhua News Agency reporter Li Xin
Not only does it cut tariffs, but it also does what it says when it comes to reducing non-tariff barriers and liberalizing foreign trade rights. In the field of service trade, by gradually lowering the entry threshold for foreign investment in the service field and canceling geographical and quantitative restrictions in the service field, the business scope of foreign investment in the service field has been greatly expanded.
At the Boao Forum for Asia Annual Conference held in April this year, China launched a series of new measures to expand opening-up, including ensuring the implementation of major measures to relax restrictions on foreign equity ratios in the banking, securities, and insurance industries, while also relaxing restrictions on foreign financial institutions. Set up restrictions to expand the business scope of foreign financial institutions in China and expand the areas of cooperation in the Chinese and foreign financial markets.
In terms of protecting intellectual property rights, after joining the WTO, China has established and improved laws and regulations on intellectual property rights. This year, it re-established the State Intellectual Property Office to improve law enforcement and increase enforcement efforts. At present, China has joined almost all major international intellectual property conventions in the world; it has signed “Patent Prosecution Highway” (PPH) agreements with patent examination agencies in 23 countries and regions.
“It can be said that China not only fulfills its commitments to join the WTO, but also ‘pressures itself’ and opens up far beyond the breadth and depth of its commitments.” Song, a researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences Hong said.
On June 13, 2018, 160 imported cars arrived at the Xi’an Railway Container Center Station in Xi’an Port on board the China-Europe freight train “Chang’an” complete vehicle import train. Photo by Xinhua News Agency reporter Li Yibo
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