Free trade zones are clearly the way to go

In the last decade, China has signed free trade agreements with quite a few other countries for mutual trade benefits, notably with the Association of Southeast Asian Nations (ASEAN) nations, especially in machinery and electronic products.

So, China is establishing 15 free trade zones focused on 28 economies and has signed 10 related agreements.

Last year, its machinery and electronic product exports to ASEAN countries accounted for 53.4 percent of total exports, compared with 39.5 percent in 2003. China and ASEAN signed a bilateral trade agreement in 2004, another benefit of its joining the World Trade Organization a decade ago.