In a move to keep global trade dynamics buzzing, China held a special event in Geneva on Tuesday, showcasing its latest economic and trade policies ahead of the World Trade Organization's (WTO) ninth trade policy review of the country, set for July 17 to 19.
This isn't your typical policy briefing! The event aimed to give WTO member countries a firsthand look into China's economic strategies from both the central and local government perspectives. Think of it as a behind-the-scenes tour of China's economic playbook. 📖
Experts and scholars from top Chinese institutions like the China Academy of Macroeconomic Sciences and Wuhan University (go Tigers! 🐯) teamed up with representatives from foreign enterprises operating in China. Together, they dropped some major insights into the policies and practices China is adopting to boost high-quality development and ramp up openness.
The discussions were anything but dull. Topics ranged from China's recent economic performance (spoiler alert: it's on the up and up 📈) to future prospects in developing new quality productive forces. They also dived into how China is working on establishing a unified national market and giving the private sector a serious boost.
They didn't stop there! Specific real-life cases were highlighted to show China's efforts in expanding openness, making the business environment super friendly, and making life easier for foreign enterprises operating within the country.
Li Chenggang, China's permanent representative to the WTO, took the stage to underscore the significance of this pre-review meeting. He called it a proactive step in implementing WTO reforms aimed at beefing up the trade policy review mechanism. According to Li, this mechanism not only enhances transparency in member states' trade policies but also fosters mutual understanding and trust – the secret sauce for the WTO's effectiveness. 🤝
Adding to the conversation, Alexander Keck, head of Global Economic Analysis at the WTO's Economic Research and Statistics Division, gave China a thumbs up 👍 for its proactive and open approach. He acknowledged how the pre-meeting is playing a key role in building deeper understanding and trust among WTO members.
Keck praised China for being the first member to actively practice the outcomes of WTO trade policy review mechanism reforms, highlighting its pivotal role in promoting member participation and interactive dialogue.
Fun fact: Under WTO rules, members among the world's top four in terms of trade volume have to undergo a review every two years. This trade policy review is like an international check-in, ensuring transparency and giving members a chance to raise questions and share concerns about each other's trade policies. It's all about keeping things clear and commitments on track! 🛣️
With these efforts, China is showing that it's all in for constructive global trade relationships, emphasizing openness and collaboration. Stay tuned for more updates from the upcoming WTO review – things are getting interesting! 🌍✨
Reference(s):
China presents its trade policies ahead of WTO's biennial review
cgtn.com
