Effects of Joining WTO on Chinese Economy

Effects of Joining WTO on Chinese Economy

Document details
Category: Economics Essay
Subcategory: International Economics
Words: 4208
Pages: 8

Table of Contents 1.0 Introduction2 2.0 WTO and China3 2.1 The Socioeconomic Aspects4 2.1.1 Changes in social classification and economic diversity5 2.1.2 Changes in the agriculture sector5 2.1.3 Impact on heavy industry5 2.1.4 Implication on Religious dynamics6 2.2 The Financial Aspects6 3.0 General Analysis7 4.0 Conclusion9 5.0 Bibliography10 1.0 Introduction The essay will be looking at the effects on China's economy after it joined the World Trade Organization (WTO). As a Chinese immigrant raised and cultured of Western civilization in Canada for most part of my life, furthermore finishing fourth and final year program of Honours Baccalaureate in Commerce (option in International Management), already with an arranged management position job in China. I believe that it's extremely important to learn the Chinese economical environment, the socioeconomic aspects and the general analysis, in order to become a successful manager. First of all, a brief history of what WTO is and how it was formed are to be illustrated. Since its inception in 1995, the WTO has regularly been in the news. There have been optimistic stories of expanding WTO membership that emphasize freer trade generates numerous benefits for consumers. Newspapers report on the details of WTO entry negotiations for important countries like China and remind us of the gains from trade. At other times, media reports might lead us to believe that disputes among WTO members are about to tear the organization apart. Disagreements between the U.S. and the European Union (EU) over everything from U.S. corporate taxation, to genetically modified organisms, to special steel tariffs make headlines worldwide. The WTO began life on 1 January 1995, but its trading system is half a century older. Since 1948, the General Agreement on Tariffs and Trade (GATT) had provided the rules for the system. (The second WTO ministerial meeting, held in Geneva in May 1998, included a celebration of the 50th anniversary of the system.). It did not take long for the General Agreement...

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