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China receives WTO trade policy review

06-13-2012 07:36 BJT

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The fourth trade policy review of China, where members of the World Trade Organization examine the trade policies and practices of the country over the past two years, began on Tuesday. Yu Jianhua, head of the Chinese delegation, has briefed delegates on China’s economy, trade and investment environment.

China has been confronted with a complicated economic and trade environment since its last policy review two years ago.

The financial crisis, currency fluctuations, the eurozone debt crisis and sluggish external demand have had a negative impact on China’s economy.

Domestically, the government has been under pressure to stabilize prices, cope with rising labor costs and an ageing population.

Despite the challenges, Yu said that the Chinese government has deepened its reforms and opening up process while expanding domestic demand.

The development of China’s economy and trade has maintained good momentum, and China’s economic and trade links with other countries and regions have been further strengthened.

He added 2010 and 2011 saw strong growth in China’s economy, with GDP up by 10.4 percent and 9.2 percent respectively.

He said China has fully capitalized on its comparative advantages, moved to create a sound investment climate, while facilitating trade and investment. China has become an indispensable manufacturing link in the global value chain, and has been one of the most attractive investment destinations for many years.

He stated China’s import growth has outpaced exports in the past two years, indicating that trade is on the way to becoming more balanced.

Meanwhile, Eduardo Munoz Gomez, chairman of the Trade Policy Review Body and Colombian ambassador to the WTO, said China had received a record number of more than 1,700 written questions from nearly 30 members, mainly about its export policies, safety concerns, intellectual property rights protection, agriculture, government procurement, services, and anti-dumping measures.

Members will make comments and raise questions with China during Tuesday’s session. The Chinese delegation will deliver replies when the review continues on Thursday.

Trade policy reviews are an exercise, mandated in WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. All WTO members are subject to the review, with the frequency depending on the country’s size. The U.S., China, EU and Japan are reviewed every two years.

 

Editor:Zhang Jingya |Source: CNTV.CN

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