ZCZC
BCN-11
CHINA-GLOBAL-GROWTH-WTO
China’s contribution to global growth highlighted as WTO concludes trade
policy review
GENEVA, July 15, 2018 (BSS/Xinhua) – Members of the World Trade
Organization (WTO) highlighted the importance of China’s contribution to
global growth in recent years as the institution concluded its seventh trade
policy review (TPR) of China on Friday.
“Members generally expressed appreciation for China’s active role in the
WTO. China, being the world’s biggest merchandise trader and one of the
largest recipients of FDI (foreign direct investment), its policies have a
direct impact on the global economy,” said Eloi Laourou, chairperson of the
TPR body, in concluding remarks.
Laourou, also Benin’s ambassador to the United Nations offices in Geneva,
said that WTO members commended China on its recent initiatives aimed at
broadening market access and investment opportunities, the greater
involvement of the private sector in the economy and its commitment to fossil
fuel subsidy reform.
“Members appreciated China’s ongoing reform of customs procedures, such as
further use of single windows, and commitments in the Trade Facilitation
Agreement,” the chairperson said. Several members praised China on the Belt
and Road Initiative, viewing it as “an avenue for mutual cooperation and
growth.”
Members also commended China’s recent announcement of liberalization in
financial services and tariff reductions in the automobile sector.
WTO agreements mandate that all members are subject to review under the
TPR mechanism, in which a member’s trade and related policies are examined
and evaluated at regular intervals. The frequency of each member’s review
varies according to its share of world trade.
BSS/XINHUA/HR/1120