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China makes major contributions to world after WTO entry

Updated: Jun 28,2018 4:20 PM     Xinhua

BEIJING — China has brought significant opportunities and made major contributions to the world economic and trade growth after its entry into the World Trade Organization (WTO), a senior official said on June 28.

The country’s WTO entry 17 years ago set off continuous improvement in the living standards of the Chinese people, rapid economic growth, and more importantly, the accelerated integration of the commercial interests of China and the rest of the world, Vice-Minister of Commerce Wang Shouwen told a news conference.

Wang said China has become a key engine for world economic recovery and growth since 2002, contributing nearly 30 percent on average per annum to global economic growth.

The country’s imports in goods jumped from $243.6 billion in 2001 to $1.84 trillion last year, which averaged a growth of 13.5 percent annually and made China the world’s second-largest importer, he said.

Its service imports expanded from $39.3 billion to $467.6 billion during the period, with an annual average growth of 16.7 percent or 2.7 times of the world’s average increase.

During the financial crisis, the country’s efforts to stabilize the value of the yuan and promote foreign trade further demonstrated its role as a main stabilizer and powerhouse for the world’s economy, Wang said.