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The New World Trading System and China

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Chapter Summary

Today, we come to the era of WTO-based world trading system. As a permanent negotiating forum, the WTO, whose principal mandate is trade liberalization within a rule-based system, has come to be one of the most powerful institutions in the system of global economic governance. The operation of the WTO has been proved to be successful in many aspects due to its unique features. On November 11, 2001, after 15 years of protracted negotiations, China became a member of the World Trade Organization. Meanwhile, the evolution of the WTO is also facing a serious challenge. The WTO has many features in common with other intergovernmental organizations. For this reason, it is possible to characterize the WTO as a structural descendent of the League of Nations, which Professor Hudson so approvingly described in his 1931 lectures, and which serves as the template for nearly all contemporary international organizations.

Keywords: contemporary; protracted negotiations; world trading system; WTO( World Trade Organization)

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