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¶ … China's 2001 accession to the World Trade Organization has been regarded one of the country's most significant moves as far as its integration with the global economy is concerned. According to the author of the article I analyze in this text, one of the most significant consequences of the said accession "was the transformation of China's financial sector." From the onset, the author of this article correctly points out that over the years; the need for an overhaul of the Chinese financial sector was rather obvious. This is more so the case given the inefficient way in which loans were being extended by lenders. Indeed, the only way China could save its financial system from imminent collapse or stalling was through the opening up of its banking sector. In the words of the author, "immediately upon accession to the WTO, China's banking sector began to open to foreign banks." HSBC saw this as an opportunity to enhance its presence in the Chinese market. As...
To begin with, China is now regarded the second largest economy in the world after having surpassed Japan approximately three years ago. The Chinese economy has also been experiencing rapid growth -- growth that the author attributes to a government funded real-estate boom. It is important to note that given this fast pace of growth, there is a need for China to embrace policies that are more progressive and friendly to the prevailing changes. Other factors that make China an attractive investment destination most particularly for firms in the banking sector include but they are not limited to the country's vast population with a middle class said to be mushrooming, and huge savings…
China and the World Trade Organization On December 11, 2001, China officially became a member of the World Trade Organization (WTO), opening the country's doors to change and a new economy. One year after china's entry into the WTO, the country reported great success, showing better-than-expected economic growth and fulfillment of its WTO commitments, despite the shaky world economy. The excellent performance of the Chinese economy was clearly demonstrated by its 8% growth
accession to the World Trade Organization in 2001, China's laws regarding intellectual property rights were largely weak and ineffective, even though there were some laws on the books that were designed to protect these rights. Much of this ineffectiveness is attributed to the state-controlled economy that was in place that made observation and respect for domestic and international intellectual property rights dispensable. In its efforts to accede to the
WTO and Developing World World Trade Organization currently does not have a clear definition of a developing country. For this paper, we need to know what a developing country is in order to see if accession to WTO actually improves their economic situation and to see if they are treated fairly by the organization and its wealthier members. But we need to understand that since there is no clear definition of
Accession to WTO in 2001, made the China baking industry open to the global competition given in the time frame of 5 years. Chinese banks were notorious for their mounting non-performing loans and low efficiency. Even though Chinese banking industry was injected with procedural reforms and regulatory amendments still it was faced with state ownership dominance and monopolistic controls. Therefore the concern facing the banking industry of China was what
China's Economic Reform An Examination of Economic Reforms in China since 1980 As the 21st century unfolds, China has emerged as a potential political and economic juggernaut that appears to be finding its stride in the international community and marketplace. As the second-largest economy in the world after the United States, the Chinese people have clearly embraced international commerce in a major way. To date, though, while there have been a number
Of course, consumers knowing the country of origin of Toyota vehicles have done little to harm the dominance of that car over traditional American manufacturers like GM and Ford. But in some instances, if a particular nation has received bad press regarding its labor practices, mandatory labeling as an imported good might act as an additional invisible trade barrier. Also, if a nation is being subject to a particularly damaging