Geneva, July 11 (Xinhua) The World Trade Organization (WTO), based in Geneva, 11th launched its seventh trade policy review of China.
During the two-day deliberations on 11th and 13th, the Chinese delegation will introduce China's trade policies and developments over the past two years and answer questions raised by other WTO members.
Shouwen, Vice Minister of Commerce of China and deputy representative of international trade negotiations at the meeting, introduced the new progress, major reform and opening-up measures of China in the field of trade and investment since July 2016, as well as its active participation in the multilateral trading system and the role of a responsible power. Shouwen said that from the 2001 accession to the WTO to 2017, China's imports of goods trade increased by 13.5% annually, is twice times the global average level. China's trade in services has grown by 16.7% annually, 2.7 times times the world average. In 2001, U.S. companies sold only 45 billion U.S. dollars in China, and in 2016 their Chinese sales reached $600 billion trillion.
2017, foreign-funded enterprises in China accounted for 44.8% of the total import and export of Chinese shares.
He cited the latest survey by the European Chamber of Commerce in China, saying that in 2017 European companies continued to improve their operations in China, with 66% per cent of the companies surveyed earning more than 2016 years, and 93% of European corporate income growth. When China joined the WTO in 2001, he said, China paid only 1.9 billion U.S. dollars for the use of intellectual property and reached 28.6 billion dollars in 2017.
The 2018 white paper of the American Chamber of Commerce in China showed that intellectual property rights ranked 12th in the most challenging issues for U.S. investment companies in China, which are no longer the major difficulties they face in their operations. He said that as of April 2018, China had prosecuted 17 cases in the WTO, and 41 cases had been sued.
In each case, China respects and earnestly enforces the ruling, makes adjustments that conform to WTO rules, and does not apply for retaliation by the prosecuting party. Shouwen said that at present, the multilateral trading system is facing serious challenges. China calls on WTO members to firmly defend the basic principles and core values of the multilateral trading system, such as MFN, national treatment, special and differential treatment for developing countries, and resolutely oppose trade bullying, protectionism and unilateralism, and also strongly call for the resolution of the deadlock faced by the members of the Appellate body in the by-election,
Address the systemic threat to the WTO of unilateral acts. It is reported that up to now, a total of 42 members have submitted 1963 written questions to China, and the Chinese side has answered all the 1627 questions submitted before the June 28 deadline, and the remaining questions will be completed within one months after the meeting.
More than 30 officials from 14 Chinese departments and China's Permanent Representative to the WTO, Zhang Xiang, attended the first review of 11th. The trade policy review Mechanism and the multilateral trade negotiation mechanism and dispute settlement mechanism are listed as the three pillars of the WTO. The trade policy review mechanism enhances the transparency of members ' trade policies through regular monitoring and comprehensive review of trade policies and implementation by members, and urges members to comply with WTO rules and commitments. Under WTO rules, all members are subject to periodic consideration.