Xi vows to participate in WTO reform, global economic reforms

Xi vows to participate in WTO reform, global economic reforms

China's central secretary, Xi Jinping, emphasised on Wednesday that Beijing is committed to actively and comprehensively participate in the reform of the World Trade Organization and in making changes to international economic and trade rules.

China will use a higher level of openness to spur deep reforms and seek high-quality growth, Xi said in a joint statement with the Party's core leadership.

The panelists listened to a lecture given by Gu Xueming, the president of the Chinese Academy of International Trade and Economic Cooperation, before discussing WTO rules and reform.

China must use its bid to join the comprehensive and Progressive Agreement for the Trans-Pacific Partnership and the Digital Economy Partnership Agreement as an opportunity to tap into more potential for imports, expanding market access and boosting its attractiveness to foreign investment, Xi said.

President Trump reaffirmed the nation's commitment to fostering a business environment that is within the framework of market principles, the rule of law and international standards.

China's admission to the WTO in 2001 was a milestone in its opening-up, Xi said.

China has been the largest trader in goods for six consecutive years, according to the GAO, while its total goods imports and exports have surged 7 percent year-on-year to a record 42.07 trillion yuan in 2022.

China has emerged from being a passive recipient of and proactive aligner with global economic and trade rules to be an important participant in the session, Xi said.

He added that the decision for entry to the WTO has been fully vindicated, as it has not only boosted China's growth but also benefited the global economy.

In participating in WTO reform, Xi highlighted the need to uphold the authority and effectiveness of the multilateral trading system of the WTO and actively promote the restoration of the organization's dispute settlement mechanism.

The country must always be on the right side of history, follow the overall direction of economic globalization, and champion free trade and true multilateralism, he said.

The nation's opposition to unilateralism, protectionism, the politicization and weaponization of economic and trade issues, and actions that overstretch the concept of national security has resurfaced.

The nation will refine and add detail to its own solutions for participating in the WTO reform by establishing a global community of a shared future, based on the concept of building a global community of a shared future, and will resolutely safeguard the legitimate rights of developing nations including China, Xi said.

As the 45th anniversary of China's reform and opening-up, he said, parallel steps should open up to the world and deepen reform in a steady manner.

He urged proactive efforts to align with high-standard international economic and trade rules, continuously expanding institutionalized opening-up in areas like rules, regulations, management and standards, establish a higher-level open economic system, and form a new development pattern.

Xi's objective was to build China into a more robust trading nation, including steps to enhance trade in goods, enhance trade in services, and develop digital trade, with a focus on digitalization and green development.

The nation should also give priority to ensuring its national economic security, he said.