China’s Accession to the WTO

After fifteen years of unsuccessful attempts, China, whose foreign trade accounts for 7% of world trade, has just returned to the World Trade Organization (WTO). The concessions it has made affect all of its economic sectors. While the impact of membership is likely to have long-term positive effects, the short-term adjustment cost may be high for the Chinese economy and society. Politically, however, entry into the WTO can accelerate the reforms undertaken in the country, and there is every reason to believe that China no longer has any interest in going back