WTO holds ninth review of China_s trade policy

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Geneva, July 17 (Reporter Chen Binjie) The ninth World Trade Organization review of China’s trade policy held its first day meeting in Geneva, Switzerland on the 17th.

The review lasted for two days. Vice Minister of Commerce Li Fei led a Chinese delegation to attend the review meeting. Li Fei said in his speech that the WTO is an important pillar of multilateralism and an important stage for global economic governance. China adheres to the path of Chinese-style modernization and promotes high-quality development. Since the last review in October 2021, China has actively practiced true multilateralism, continued to play an important role in global development, and brought more opportunities to the world through its ultra-large market. China strengthens South-South cooperation, implements global development initiatives, and supports developing members in accelerating development.

Li Fei emphasized that China will firmly deepen high-level opening up to the outside world, further reduce import tariffs, improve the level of trade facilitation, continue to expand the opening up of service sectors, and relax market access for foreign investment; China will continue to promote deep-seated reforms and give full play to the market’s role in resource allocation. Decisive role, promote a better combination of effective markets and promising governments, and promote innovative, green, digital and inclusive development.

Li Fei pointed out that China has fully and deeply participated in the WTO reform negotiations, promoted the WTO to better respond to global challenges, supported the inclusive development of the multilateral trading system, and helped developing members better integrate into global value chains.

Representatives of WTO members spoke highly of China’s positive contribution to promoting global economic growth and maintaining the multilateral trading system, and appreciated China’s policy measures to deepen domestic reforms and further expand opening up. Developing members highly appreciate China’s practical actions to support it, especially in supporting the least developed members in accelerating development and further integrating into the multilateral trading system.

Member representatives pointed out that China’s economy has shown strong resilience under multiple external challenges, growing by 52% in 2023, and is the most important driving force for global economic recovery after the COVID-19 epidemic. China is the most important trading partner of many members. In recent years, China has continued to promote trade and investment liberalization and facilitation by reducing tariffs, optimizing customs clearance procedures, and issuing negative lists.

Member representatives highly recognized that China continues to promote market-oriented reforms, promotes green economic transformation and development by strengthening technological innovation and other means, and makes outstanding contributions to global low-carbon and green development and addressing climate change.

Member representatives stated that China is an important and responsible member of the WTO and has made significant contributions to promoting discussions on topics such as investment facilitation, e-commerce negotiations, domestic regulation of trade in services, prevention and control of plastic pollution, and fishery subsidies, supporting the reform of the dispute settlement mechanism and promoting the restoration of the Appellate Body.

Trade policy review is one of the three core functions of the WTO and an important mechanism for WTO members to understand each other’s economic and trade policies. Before the meeting, China received more than 1000 written questions from 44 members and provided answers to all questions on time in accordance with the rules.