Headlines
Global business shares fruits of China´s WTO accession
For many multinational firms, the past 10 years in China have not only marked the rise of the world´s second-largest economy but have also been a decade of expansion and profit growth.
President Hu Jintao reviews China´s experience in WTO
In Beijing, a high-level forum marking the tenth anniversary of China’s entry into the World Trade Organisation has been held. At the opening ceremony in the Great Hall of the People, President Hu Jintao said during the ten years in the WTO, China has widened its knowledge of how to develop globally and gained more confidence regarding opening up.
Ten years on, challenges remain for China
For China, the past decade is a period of historical changes.
China commomorates 10th anniversary of WTO entry, vows to open wider to outside world
Reform and opening-up, which propelled China´s rapid growth over more than three decades, will continue to underpin China´s future development, President Hu Jintao said here Sunday.
Video Reports
Video Review
Fact in Figure
- China´s average tariff level has been lowered to 9.8% from over 15%.
- China has offered zero tariff treatment to over 4700 products from over 30 Least Developed Countries.
- China´s foreign trade volume has increased nearly five-fold. Trade volume ranks 2nd in the world.
- China is now the world´s 2nd largest destination for FDI.
- China attracts nearly 34,000 overseas companies in 10 years.
Chinese Enjoy More Foreign Daily necessities
China -- World´s second largest importer
China now is the world´s second largest importer. It imported $1 trillion of goods in 2009, compared with $243.6 billion in 2001. Imports will exceed $1.7 trillion in 2011, with total imports amounting to about $10 trillion over the next five years.
China becomes largest consumer of US´ farm exports
A bi-lateral agreement between the US and China ahead of China’s 2001 WTO accession reduced average tariffs on US agricultural products from 24 percent in 1998 to 12 percent in 2007. The US Department of Agriculture says China is the largest consumer of America´s farm exports - overtaking Canada, Mexico and Japan.
Better Service from Banks
Foreign banks enter China; assets held by foreign banks triples
Until the end of the 1990s, foreign banks were pretty much on the outside looking in to the Chinese market. Most were only allowed to operate limited businesses as representative offices, hardly banks at all. But in 2006, 5 year after China joined the WTO, they were finally allowed to be locally incorporated, fully opening the door to the Chinese market.
Competition urges four-big banks to provide better service
"We see great changes in the Chinese banks. Their services are much better now and they are providing more and more services. The foreign banks brought technological innovation in with them. The same has been true with new financial products."
Cars Enter Ordinary Household
Domestic auto industry develops rapidly; price affordable for ordinary household
In 2009, China produced nearly 14 million cars. Out of them, 44% percent were local brands such as Geeley, Chang´an, BYD, and the rest were made by joint ventures with foreign brands. In recent years, China’s local automotive makers have been expanding to overseas as well. Geeley, one of China´s well-known car makers, completed the acquisition of Volvo last year.
China becomes largest vehicle market in 2009; luxury cars booming
China surpassed Japan and became the world´s Number two vehicle market in 2006 and passed the US to be the biggest in 2009. In 2010, among the 2711 Rolls-Royce cars sold worldwide, Chinese buyers were accountable for 22% of the share, which is more than 600 cars. Rolls-Royce expects China to be its largest market by the year 2014.
Consumer Electronics Industry
S. Africa: More consumers turn to Hisense products
Hisense - one of the leading Chinese consumer electronics companies, ranks in the top seven companies for global shipments of LCD TVs in the third quarter this year. The company entered the South African market in 1996, and has since become a popular brand of home appliances for local consumers. In this electronics store in Johannesburg, sales of Hisense TVs account for 40 percent of the shop´s total sales.
Telecommunication Industry
Japan: Softbank chooses ZTE as supplier
ZTE, one of the largest phone network gear producers. In September, it was chosen as a supplier for Japanese mobile operator, Softbank. Over the past years, ZTE has grown into a multi-national firm with operations in more than 140 countries and regions across the globe.
More worldwide people use China-made telephones
China has the world´s largest telecommunications network, and produces the most number of mobile phones. Chinese telecom equipment giants have jostled for market share, ever since foreign competitors entered the market after the country´s accession to the WTO. Chinese telecom equipment producers now take up 80 percent of the global market.
