Economic growth impressive, yet challenges remain says WTO to China
19 Apr '06
1 min read
China's gradual economic reforms have opened the economy to international trade and investment and have made it one of the fastest growing in the world, with a nearly nine-fold increase in GDP per capita since 1978, according to a WTO Secretariat report on the trade policies and practices of China.
Ongoing trade and structural reforms, given added impetus by China's membership of the WTO since 2001, have made it the world's third largest trader and one of the largest FDI recipients.
These reforms have also reduced the proportion of China's population living in poverty from 73% in 1990 to 32% in 2003.
At the same time, however, income disparity has increased, especially between the coastal and inland regions and between urban and rural areas.
Trade and investment barriers have declined considerably, in part due to WTO commitments. Nevertheless, the report notes that the Government continues to intervene to “manage” trade, including for domestic supply considerations.
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