China continues to be an attractive destination for foreign retailing businesses seeking development, but not all companies who venture into the Middle Kingdom has found that life was easy.
After joining the World Trade Organization on Dec 11, 2001, China's economy was set to undergo a significant change. Businesses were due to gain access to new export markets and foreign companies would be able to sell their products and services more freely to China's 1.3 billion people.
Electronics retailer Media Markt China has only been in the Chinese market for about a year, but it is already planning to expand rapidly throughout the country.
Minister of commerce: Progress and global benefits since China's accession to the WTO
The WTO multilateral trade system has been beneficial to China's economic development, with its foreign trade averaging annual growth of 22 percent since the nation joined the world trade body, Sun Zhenyu, chairman of China Society for World Trade Organization Study, said at a recent conference.
In the 10 years since China became a member of the WTO, fundamental changes can be felt in both the country and the world, according to recent comments in the international media.
China's entry into WTO is a "win-win situation" for both China and other member countries, Pascal Lamy, director-general of the World Trade Organization, told a seminar in Tianjin on Sept 16 to celebrate China's 10th anniversary as a WTO member.
Dec 11, 2001: The Protocol on the Accession of the People's Republic of China takes effect as the country becomes the 143rd member of theWTO. China begins to participate as a WTO member at the Doha round of negotiations.
Outside interest in China as destination for foreign capital has increased over the past decade, after China entered the World Trade Organization (WTO), thanks to more favorable laws, regulations, and policies.
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.
Agriculture was about the most worrisome sector of the Chinese economy back when it joined the World Trade Organization in 2001, but something happened to help it meet the challenges and even rise.
China's Henan province, everyone knows, was referred top as the "central land" long ago, but both its economy and the minds of its people remained closed for a long time - until China joined the World Trade Organization.
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