17 years after entering WTO, China remains vigorous advocate for multilateralism

BEIJING - Remaining true to its original aspirations when joining in the World Trade Organization (WTO) in 2001, China has consistently stuck to free trade and expanded opening-up.

With clouds of unilateralism and protectionism gathering on the global horizon at present, China has reaffirmed its commitment to multilateralism, and vowed to continue to build broader international consensus on promoting win-win cooperation and common development.

Uphold multilateral trading system

Since its entry into the WTO in November 2001, China has devoted itself to liberalizing and facilitating trade and investment, firmly safeguarded the authority of the multilateral trading system, and unremittingly helped developing nations integrate into the multilateral trading system.

By 2010, China had completed all its tariff abatement commitments, cutting the average tariff level from 15.3 percent in 2001 to 9.8 percent, Zhang Ming, head of the Chinese mission to the European Union (EU), was quoted by Brussels-based online newspaper EUobserver as saying.

Foreign direct investment in China soared from $46.88 billion to $136.32 billion from 2001 to 2017, Zhang said.

Meanwhile, China has established an intellectual property rights (IPR) legal system in conformity with WTO rules as well as suited to its national conditions.

As of 2001, intellectual property royalties that China paid to foreign right holders have seen a yearly increase of 17 percent, amounting to $28.6 billion  in 2017, Zhang said.

"With a new round of tariff cuts coming into effect on 1 November, China's overall tariff rates have been reduced to 7.5 percent, lower than the majority of developing countries and beyond the commitment China made upon its accession to the WTO," Chinese President Xi Jinping said in his keynote speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit on Nov. 17.

As the largest developing nation, China's accession to the WTO has not only benefited itself, but also the rest of the world.