China fully fulfills its WTO membership commitments
China has fully fulfilled the commitments it made when it joined the World Trade Organization (WTO) in 2001, Chinese President Xi Jinping said Thursday.
He made the remarks by video addressing the opening ceremony of the fourth China International Import Expo.
The country’s overall tariff level fell to 7.4 percent from 15.3 percent in 2001, below the 9.8 percent promised by the country when it joined the WTO.
Since 2001, more than 2,300 laws and regulations have been reviewed and revised by the Chinese central government, and more than 190,000 by local governments, Xi said, adding that the decision has injected vitality into the market and the economy. Chinese society.
The country, on the other hand, has proactively assumed its responsibilities and brought benefits to the world. Since joining the WTO, China’s continuous efforts to expand its openness have injected new vitality into the country’s development and the world economy, Xi said.
Over the past two decades, China’s global economic aggregate ranking has dropped from sixth to second place. Its classification of trade in goods fell from sixth to first, while its trade in services jumped from 11th to second.
China leads the developing world in terms of actual use of foreign investment, while its ranking of foreign direct investment rose from 26th to the top of the global list, he said.
Looking ahead, Xi said China will carry out stress tests for high-level opening in the pilot free trade zones and the Hainan free trade port.
The country will also issue a negative list on cross-border trade in services in the pilot free trade zones, Xi said.