A new milestone for global trade

In the current global value chain, the developed nations always have competitive advantages over developing economies, so if fair and reasonable rules are not established, it will be difficult to resolve the polarization that exists between the developed and developing countries. In fact, facing a series of global challenges, all countries should forgo narrow-minded private interests, and think more about common interests, resolving differences and cooperating in response to the coming difficulties.

Dec 11 was the 12th anniversary of China's accession to the WTO, when the Chinese economy began its gradual integration into the global economy. China has clearly benefited from this integration; its economy has realized an average annual growth rate of 9 percent and millions of jobs have been created for migrant workers. At the same time, China has clearly made its own contributions to the world economy by providing the world with many quality export products at a reasonable price, balancing the huge financial deficit created by the US administration, and alleviating global inflation pressures.

At present, China's economy enjoys stable development, and the global economy is slowly recovering, which means it is the perfect time for the Chinese government to comprehensively promote deeper reforms and upgrade the economy in various areas.

Over the next 10 years, China will accelerate its new urbanization drive and promote industrialization, informatization and agricultural modernization in the country. Meanwhile, China is aiming to become the most attractive consumer market in the world. It is predicted that commodities valuing nearly $10 trillion will be imported from overseas economies, and China will directly invest $500 billion in foreign markets over the next decade, so the bigger the share of China's market and investment a foreign country can get, the higher growth rate its economy will enjoy over the next decade.

The last 10 years were a "golden decade" for China, and a new golden decade will not only benefit China, it will also benefit the rest of the world.

The author is director of the Information Department of the China Center for International Economic Exchanges.