As
we know, China’s accession to the World Trade Organization (WTO) in 2001 was a
momentous decision made by the top leadership. It was a big gamble for the
Chinese enterprises, because prior to the accession, they were extremely weak
in every measure compared with global firms. Furthermore,
they were either not consulted or excluded from negotiations.
Contrary to the conventional wisdom that China’s deep integration into the global economy is a natural trend of economic development; I would argue that it was not the economic success in the 1990s that naturally led to China’s deep integration, but the predicament in the country’s reforms and industrialization that forced China to join the WTO at its earliest possible time to keep the economy growing.
Contrary to the conventional wisdom that China’s deep integration into the global economy is a natural trend of economic development; I would argue that it was not the economic success in the 1990s that naturally led to China’s deep integration, but the predicament in the country’s reforms and industrialization that forced China to join the WTO at its earliest possible time to keep the economy growing.
The globalization
logic is that competition is the panacea. Competition will bail out the
inefficient State-owned Enterprises (SOEs) and make them more competitive.
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