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Essay on G33 and China

Essay on G33 and China - Introduction China is one of the...

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Introduction China is one of the World Trade Organization’s G33 members. The G33 currently consists of 44 developing nations that face similar trade problems. They have proposed special rules to the WTO such as restricting access to their own agricultural markets. After 16 years of multilateral negotiations China became a member of the WTO on December 11, 2001. This was the longest negotiation for accession into the organization. The Communist Party of China won the Chinese Civil War in 1949. After the People's Republic of China was established in October 1949, China adopted a political and economic order modeled on the Soviet example in building up the socialist country. China adhered to a foreign policy of pro-Soviet and pro-communism and they practiced minimal trade with foreign countries. In the 1970’s, in order to turn around its isolated situation in foreign trade, China “opened up” its borders to practice open trade with many of the Asian and African countries. Some do not consider China to be a developing country due to the fact that they have such a huge Gross Domestic Product (GDP). As of 2008, the Gross Domestic Product of China was at $4.3 trillion. One of the main reasons China is considered a developing country is because the poverty level is so low. There are some people that are living off, what is equivalent to, 1 U.S. dollar a day. The poverty rate of China has been reduced to 8% as of 2001. China’s main industries are the agriculture, service, and manufacturing industries. They are all growing at steady rates and contribute significantly toward the countries GDP. China exports more goods than it imports. This means that China has a positive trade surplus. This is almost unheard of for a developing country and another reason why some do not consider China to be a developing nation anymore. Improved infrastructure has helped China’s economy. The late 1980’s saw a prioritizing of improving the railways, roadways, and waterways of China. The USA-China WTO Trade Agreement was the most influential trade agreement that China has entered into so far. It affected the United States and China in such a drastic way because each country is the number one trade partner of the other. The GDP of China improved drastically due to this agreement and the quality of living for many of the Chinese people was improved because business was opened up to them. Economy 2
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China has become a major player in the current world economy due to the past 30 years of constant growth. China is now one of the main economic drivers, along with the United States. They have had the fastest growing Gross Domestic Product (GDP) growth rate out of any major nation at 10.2% per year. China is currently ranked 3 rd in regards to GDP, behind the United States and Japan. With China’s $4.3 trillion GDP and a 10.2% growth rate it will be the country with the highest GDP within 40 years. China’s GDP starts to raise after the restructuring of the economy
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Essay on G33 and China - Introduction China is one of the...

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