China joining the WTO : “overall, it was a good day for the rest of the world”

In a recent interview with China Daily in Brussels, Lamy dismissed some opinions voiced in the US that it was a bad idea to let China join the WTO.

“Of course it was a good idea-a good idea and it has worked extremely well,” said Lamy, a French national who has also served as European commissioner for trade.

Before China joined the WTO, the country’s trade surplus was 8 to 10 percent of gross national product, but this has since fallen to almost zero, literally meaning that its imports have increased more than its exports.

“So overall, it was a good day for the rest of the world,” Lamy said.

He said joining the WTO had provided China-which was developing an export-driven economy at the time-with insurance against protectionism. That was why Beijing accepted specific conditions that were more demanding than for comparable developing countries at the time, such as India and South Africa.

Read the full article here : http://www.chinadaily.com.cn/a/201909/03/WS5d6da45ca310cf3e3556949d_2.html