What's New

China world's third largest economy and trader

With China now the world's third largest economy and trader, WTO members of the second Trade Policy Review (TPR) on China, looked to China to assume greater leadership in shaping the multilateral trading system. The TPR, along with a policy statement by the Government, was the basis for the Trade Policy Review by the Trade Policy Review Body of the WTO on 21 and 23 May (www.wto.org), during which the Chairperson extended sympathies, on behalf of its members, to the victims of earthquake in Sichuan province. Structural reforms in China, including trade liberalization, have resulted in annual real GDP growth rates in excess of 10% over the past 4 years, rising per-capita income and poverty reduction.

Since its previous Review in 2006, China’s trade regime has continued on a liberalizing trend. The members of the TPR complimented China on its strong attachment to the WTO and its support for the Doha Development Agenda, citing China's continuing reforms, including trade liberalization, which had contributed to real economic growth of over 10% annually since its previous Review, resulting in rapidly rising per capita income and poverty reduction.

Among the world’s top 20 container ports in 2007, several are in China, namely (with ranking in brackets): Shanghai (2), Hong Kong (3), Shenzhen (4), Qingdao (10), Ningbo (11), Guangzhou (12), and Tianjin (16).

From Jan-April 2008, the Hong Kong port’s throughput has reached 7.9 mn TEUs, nearly 6% more than the same period in 2007. Across the border, the Shenzhen ports handled 6.7 mn TEUs in the same period, a rise of 8.5% over the throughput in Jan-April 2007.