Since China’s entry into the WTO was approved unanimously at the organization’s ministerial meeting in the Gulf state of Qatar in 2001, China’s rapid economic rise has profoundly impacted global development.

“Over the past 15 years, China saw unprecedented changes and became deeply integrated into the world economy by means of its participation in global value chains, institutional reform and economic governance,” according to a report released at a recent forum.

Titled “New Opening-up Strategies and Rebuilding World Trade Rules—Reflection on and Prospect of China’s 15 Years in WTO,” the report was issued at the “China Macroeconomic Forum—Symposium on 15th Anniversary of China’s Accession to WTO” in Beijing on Dec. 3. It summarizes the achievements China has made since it formally became the 143rd full-fledged member of the WTO.

First, the report points out that China is deeply engaged in global value chain adjustments, judging from its fast-growing trade and investment as well as the transformation of its trading practices and industrial structure.

Second, in terms of institutional reform, China has broken the monopoly of foreign trade rights, taken concrete measures to lower tariffs and established a pilot free trade zone, according to the report.

Also the report notes that China, as the biggest developing country and a recognized global economic power, has contributed greatly to the recovery of the world economy, further enhancing its comprehensive national strength, international influence and status.

“China’s WTO accession has been mutually beneficial for China and the world, including promoting world economic growth, providing affordable merchandise for global consumers, and optimizing the allocation of global resources,” said Wu Xiaoqiu, vice-president of Renmin University of China, at the forum.

However, the multilateral trade system is currently threatened by emerging protectionism, new trade barriers and frictions. In this regard, China’s proposal at the G20 Hangzhou Summit offered “China wisdom” in promoting both economic development and global governance, said Tang Yihong, dean of the School of International Trade and Economics at the Central University of Finance and Economics.

Lei Da, a research fellow at the National Academy of Development and Strategy (NADS) under Renmin University, said that China has helped push forward the reform of the global economic governance mechanism.

China does its best to assume international responsibilities and plays an active role in advocating and innovating concepts of global governance, leading global economic agenda, making international rules, and promoting regional economic and trade arrangements, he added.

Lei said the “Belt and Road” initiative proposed by China is a public good in the form of a world trade governance mechanism. It is not in accordance with any existing rules, but it is dependent on the current practices, including bilateral, regional or any other pragmatic ways of cooperation, he said.

Such an initiative suits the nations along the routes and is anchored in the goals of development, Lei added.

The forum was co-hosted by the NADS and the School of Economics at Renmin University.