Views: 0 Author: Site Editor Publish Time: 2021-04-20 Origin: Site
2000 China and the U.S. establish permanent normal trade relations
In October 2000, the then U.S. President Clinton signed the Act of Permanent Normal Trade Relations with China, which made the Act officially become U.S. law.According to this bill, after China’s accession to the WTO, the United States will terminate the annual review of China’s “Most-Favoured-Nation Treatment” (normal trade relations) in accordance with the relevant provisions of the Trade Act of 1974, and establish permanent normal trade relations with China.
In the following eight years, China’s exports to the United States have achieved substantial growth.The year-on-year increase in 2003, 2004, and 2005 all exceeded 30%, until the global financial crisis broke out in 2008.In 2009, China's exports of goods to the United States turned negative growth, but in 2010 they rebounded sharply by 28.3%.
Also in this year, in November, Premier Zhu Rongji of the State Council of China proposed the idea of establishing a China-ASEAN Free Trade Area, which received positive responses from leaders of ASEAN countries. 20 years later, in 2020, ASEAN will surpass the EU and become China's largest trading partner.
2001 Accession to the WTO
On December 11, 2001, China formally joined the World Trade Organization and became its 143rd member. This is a milestone in China's opening up to the outside world, marking China's opening to the outside world has entered a new stage, and also opening up China's high-speed path to become the "world factory".
In 2000, China’s dependence on foreign trade was close to 40%. This figure began to rise rapidly after its accession to the WTO. It exceeded 50% in 2003, exceeded 60% in 2005, and reached more than 60% before the global financial crisis in 2008.We have reaped the benefits brought about by globalization, but we also bear the risks of going through storms.
