December 11 marks the 23rd anniversary of China’s accession to the World Trade Organization (WTO), a milestone that has significantly reshaped the global economic landscape. Since joining the WTO, China has cemented its role as a major player in globalization, becoming the world’s largest trading nation and the second-largest economy.
For many Western countries, China’s entry into the WTO was seen as an extension of their liberal trading systems, expecting China to adopt similar economic models. China’s commitment to the stringent membership requirements demonstrated its dedication to integrating into the global economy. With a skilled labor force and unparalleled infrastructure, China quickly became the world’s manufacturing hub. International companies flocked to China, not only for its cost-effective production but also for its reliability and capacity to scale.
However, China’s approach to WTO accession was not a simple adoption of neoliberal policies. Instead, it focused on growing its productive forces while retaining state control over strategic sectors. By liberalizing markets selectively, China integrated into the global economy without sacrificing political stability or sovereignty. This balance allowed China to navigate the challenges of liberalization while ensuring that the benefits of globalization reached its broader population.
Some Western power centers viewed China’s WTO membership as an opportunity to influence its political system, theorizing that increased capital flow and market liberalization would weaken China’s governance. This perspective was reflected in the so-called “China collapse theory.” Contrary to these expectations, China maintained its political control and continued to strengthen its economy.
China’s strategy has been instrumental in reducing poverty, creating world-class infrastructure, and fostering sustained economic growth. Its success story serves as an example for many countries in the Global South that seek growth while retaining their sovereignty. China’s experience demonstrates that it is possible to engage with the global economy on one’s own terms.
Today, the rise of trade protectionism, especially from the United States, runs counter to the principles upheld by the WTO. Such actions suggest that hegemonic interests may be overshadowing free trade principles. Accusations of “dumping” and unfair practices are often leveled against China, despite its significant investments in research and development, its vast talent pool, and its integrated production capabilities.
As we reflect on the past 23 years, China’s journey within the WTO highlights the potential for nations to shape globalization to benefit their development goals. By leading by example, China continues to influence the global economic order and offers valuable lessons on balancing integration with sovereignty.
Reference(s):
cgtn.com
