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The opportunities and problems facing China as it joins the WTO

The advantages for Beijing in acceding to the WTO is that it will be participating in drafting the rules for the global trade game; while the risks are in the challenge this presents to the idea of the party being greater than the law.  The Doha Conference on which the curtain has just fallen has brought into being a new WTO member with a population of 130 million and a vast market. China’s accession to the WTO has given rise to the beautiful prospect of new eras and new delineations in world trade.

However, Chinese leaders have so far managed to refrain from raising their long-stemmed champagne glasses. They have already made a frank and objective evaluation of the crises and challenges that may face them in the future as a result of joining the WTO. Premier Zhu Rongji said quite early in the process, in Wenlai: ‘Everyone is happy (about joining the WTO), but I am more worried than excited. China entering the WTO will bring a lot of problems in its wake. If things are not dealt with adequately then the harm may be greater than the benefits.’

Source: Asia Weekly 2002