July 3, 2018

China (中国) Today

Events Review (25.06–01.07.2018)

 

I. Major Events and Trends in the Development of the Situation In and Around China

As part of China's turning into a leading state in the world, it is one of the main factors of influence on the development of the world economy and trade. This fact is stated in the White Paper “China and the World Trade Organization”, which was released by the State Council Information Office of China on June 28, 2018. The document is divided into four parts that reveal the role and place of the country in the World Trade Organization (WTO), namely: “China Has Faithfully Fulfilled Its WTO Accession Commitments”, “China Firmly Supports the Multilateral Trading System”, “China's Significant Contribution to the World After Accession to the WTO” and “China Is Actively Advancing Opening-Up to a Higher Level”.

According to the White Paper, since 2002, China's contribution to the global economy has grown by about 30 %, making it the main driver of the world economic progress. At this, Beijing fully fulfills its commitments to the WTO, including the opening of the Chinese market. Today, the PRC is the main trading partner for more than 120 countries, and its share in world imports and exports of goods is 10.2 % and 12.8 % respectively.

At the same time, China remains an attractive country for foreign investors. In the period after the PRC's joining the WTO, the inflow of direct foreign investment into the country's economy had grown from 46.88 billion US dollars in 2001 to 136.32 billion US dollars in 2017 with an average annual growth of 6.9 %. By this indicator China has risen from the 26th to the 3rd place.

White Paper “China and the World Trade Organization” was released by the State Council Information Office of China on June 28, 2018
White Paper “China and the World Trade Organization” was released by the State Council Information Office of China on June 28, 2018

In turn, Chinese investments contributed to accelerating technical progress in the countries where they were invested, developing their national economies and improving the living standards of the local population, as well as creating a significant number of new jobs.

Based on its strategic priorities, China continues to take steps to build an open platform for cooperation, support and development of the global economy, as well as increasing global prosperity. At the same time, the PRC is not limited to fulfilling its commitments to the WTO, but adequately responds to all trends in the development of the world economy in order to resolve the existing problems and achieve mutual win.

The article is available in Ukrainian