China prospers with world after WTO accession: Minister

DAVOS, Switzerland -- China has been prospering along with the world and thus achieved a "win-win" situation since it joined the World Trade Organization (WTO) 10 years ago, Chinese Commerce Minister Chen Deming said Thursday.

The decade after WTO accession proved to be one of the best periods for China's development, Chen said during a discussion with WTO head Pascal Lamy, in front of global business, financial and political leaders at the World Economic Forum (WEF) Annual Meeting in the Swiss resort of Davos.

Chinese Commerce Minister Chen Deming (C) attends a press conference on Ten Years' Anniversary of China's Entry to WTO during the Annual Meeting 2011 of the World Economic Forum in Davos, Switzerland, Jan 27, 2011. [Photo/Xinhua]

Chen described China's entry into the WTO as a "courageous and tough choice," but was "the right choice."

Lamy said China joined under terms much tougher than for any other developing country - a "bitter pill" which, however, turned out to be "an insurance policy against protectionism."

China became the world's second largest importer in 2010, with a total import value of over $1.4 trillion, accounting for 10 percent of the world's total.

According to Chen, in the past decade, China's average duty rate has dropped from 15.3 present to 9.8 percent at present. China's exports and imports have grown by 4.9 times and 4.7 times respectively with a two-fold increase in its GDP.

Due to China's efforts to stimulate domestic consumption, the minister expected the country's exports and imports to continue growing in the first half of 2011, amid signs of improved demand from the United States and Europe.

He also outlined China's plan to further open its economy, with "the three focuses" of encouraging the Chinese companies to invest overseas, increasing overseas buying and boosting domestic consumption.

The minister also said China would do its best to see the WTO's difficult Doha Round through to a successful conclusion.

Chen said all parties should work together instead of finger-pointing, as the success of Doha Round talks will benefit each member of the WTO. "China will do its best," he said.

source:Xinhua