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China
ECON 0602: Lecture 5

Topics
China and the WTO
WTO and its rules
China’s entry to the WTO
Trade frictions

China’s Foreign Trade:
Special Issues

China’s FTA: CEPA
Sino-US trade imbalance
China’s exchange rate
Export and employment
1

© HKU ECON 0602

Larry QIU

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What is WTO?

China and the WTO: Questions/issues

General Agreement on Tariffs and Trade (GATT,
1947-1994)

What is WTO?

1947, Geneva, 23 (including China), now 148+
Most Favored Nation Principle (MFN)
National Treatment Principle (NT)

What are WTO’s rules and principles?

Why did China want to enter?

The World Trade Organization (WTO, 1995-)
It deals with the rules of trade between nations at a global or near-global level.
= GATT + Dispute settlement mechanism + others

What had China promised?

Why are there still trade frictions?
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© HKU ECON 0602

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Rules are set through negotiations
NT
MFN
=
=

3%

F
D

3%

?

Annual renewal

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WTO/GATT negotiation rounds
120
predicted duration of Doha round

The Sixth WTO Ministerial
Conference, Doha Round was held in Hong Kong, China from 13 to 18 December 2005.
Successful? Agreed to extend the talk

100

d ra n (m n s) u tio o th

January 1, 2005? 39 months

http://www.wto.org/english/thewto_e/minist_e/m in05_e/min05_e.htm Tokyo
60

regression line 40
Kennedy

20

Geneva

0
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Torquay
Geneva II

0
Larry QIU

April 1, 2010: 102 months

Dillon

Annecy

© HKU ECON 0602

Uruguay

80

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30

60

90

Larry QIU

120

number of participants

150
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China’s WTO accession

Agreement and implementation
Bind all tariffs. The average tariff for industrial goods will fall to 8.9% and to 15% for agriculture. Most tariff cuts will be made by 2004; all cuts will occur
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