China's Accession to the WTO: Economic Benefits

2001 was a landmark year for China, who finally gained accession to the World Trade Organization (WTO, 2011) after 15 years of negotiations. China’s accession to the WTO has helped both the Chinese and the world economy. China’s accession resulted in astounding growth of exports, and a reduction in tariffs both on imports into China and tariffs placed on Chinese products. A burgeoning export market and looser investment restrictions led to growth in Chinese capital. The accession requirements placed upon China brought the nation into a period of greater trade liberalization, weakened state-run enterprises, and giving more power to private interests. The WTO accession agreements also caused China to make international trade law more transparent and even. Other nations have benefited from more access to Chinese markets and vice versa.