Essay on Chinas Economic Growth After WTO Membership

Economic growth is an important facet of any country worldwide. Notably, countries have to make sure that they undertake trade activities which can boost their economy momentously. Chinas share in the global export is rapidly growing. Similarly, her exports penetration into industrial nations markets has equally been dramatic. Due to Chinas large populace, it implies that the development potential would continue for a given time. Chinas joining of WTO was a very significant incident for her development mainly at the beginning of the twenty-first century. This event was immediately preceded by an establishment of a permanent trade relation with the United State. These two incidences were vital since they marked the development of Chinese economy as China was recognized by the world economic community and the United States as one of the equal partners.

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Chinas WTO membership has uncovered her market for further international investment and trade. It has also opened up the global economy for all the Chinas exports. China agreed to lower her tariffs for imports, open telecommunication, allow foreign companies to sell directly to Chinese markets, and also finance various sectors to foreign competition. The foreign manufacturers, for example, the automobile firms have been able to sell their commodities directly to the domestic consumers without necessarily having to follow the Chinese trade organization. Joining the WTO by China affirmed a positive impact on her modernization of the legal system because the Chinese dealt with the external firms more often. The WTO membership exposed Chinese economy into participation by the foreign manufacturers, traders, and investors in the modern legal systems. This helped in improving the Chinas developments gradually and also the rule of law.

Attaining the WTO membership has made China become the key figure in the global trading system. The poverty rate has decreased in China as a result of unanticipated rapid economic growth and the higher number of domestic consumers all over the world for Chinese products. China also serves as the chief trouper of the conflict settlement organ within the WTO, whereby she solves some of the international trade related differences. China has strengthened her relationship with other nations making her market the products to the worlds market. Additionally, she has limited her domestic agricultural subventions to eight percent of the total value of the production and eliminated agricultural exports subsidies. China also plays a role in ensuring foreign companies provide accounting, architecture, management consulting as well as engineering services to the global market.

One of the secondary responses includes the repercussions of the growth. China has increasingly suffered from environmental degradation and inequality. There exist a wide gap between the interior regions and the booming rich economic regions. The current survey shows that China is a home to many income inequalities persons in the world. The rapid growth has led to massive environmental damage as well as environmental pollution. As the one of the worlds most populated country, China is in various ways serves as an outlier. It happens to be both a developing country and ancient empire with two main attributes including authoritarian government and inadequate regime formerly.

In conclusion, Chinas economy evolved rapidly than anybody hoped. More importantly, China is growing comfortably with the WTO equipment and machinery making it produce a lot of products. Notably, Chinese products are consumed by many countries worldwide, therefore, contributing so much to peoples standards of living. Through joining the WTO, China has greatly increased the volume of its products and has been able to solve disputes arising from different countries.