According to Prime Minister Li Qiang, as a "responsible major developing country," China wants to waive its previous WTO privileges. However, China will retain its classification as a developing country.
By Leonardo Pape
WTO News: Since China's accession to the WTO, the former developing country has risen to become an economic power. It is using this economic strength to assert its own interests. Read all the important and current news on China and the WTO from the Table. Editorial team. What is the WTO? The World Trade Organization, or WTO for short, is one of the most important international organizations that, alongside the IMF and the World Bank, deals with the rules for trade between nations and thus deals with trade and economic policy on a global scale. The WTO was founded in 1994 from the "General Agreement on Tariffs and Trade" and is based in Geneva. What is the relationship between China and the WTO? China joined the WTO on Dec. 11, 2001. At the time, it was hoped that the People's Republic's entry would open up the country and transform the political system, but more than 20 years later it has become clear that this plan has not come to fruition. Instead, under Xi Jinping there has been an expansion of state intervention in the economy and an attempt to spread its own values around the world.China is also showing its new self-confidence on the international stage and is using its economic strength to influence other countries. Numerous countries have filed complaints against China with the WTO. Many complaints are directed against the fact that China benefits from unfair competitive conditions, as it is considered a developing country despite its rapidly growing economy and is exempt from some WTO regulations.the latest disputes include the customs disputes between Australia and China and the dispute over the trade blockade against Lithuania.
