China's accession to WTO worth celebrating

GENEVA - December 11, 2011 marks the tenth anniversary of an event, which profoundly changed the global economy: China's accession to the World Trade Organization.

It is difficult not to overstate the effects of this accession, certainly on China, but also on China's trading partners and on the global trading system itself. By integrating fully into the global economy, China has become the largest exporter of manufactured goods and the second largest economy in the world. This remarkable trade expansion has contributed significantly to China's growth and development and has helped lift some 500 million people out of poverty.

This is not to suggest that China's success is entirely due to WTO accession. But WTO membership helped the Chinese government to anchor the reform and opening-up initiated by former leader Deng Xiaoping by binding China into the global trading system. These reforms improved the efficiency of the Chinese economy and boosted growth.