Chapter 1Introduction After striving for 15 years, China finally got the formal approval from the World Trade Organization's (WTO) 142 member countries, marking a new phase in China's transition to the market-based economy. Against a global slowdown, China has made its first year of WTO membership a great success, with both better than expected economic growth and steadfast fulfillment of its WTO commitments. The Economist (02/15/2003, vol. 366) described "China's economy is already enormous. In dollar terms, its GDP …showed first 75 words of 4599 total…

…showed last 75 words of 4599 total…to the western China region. It can enable us to cut down 20 to 30 percent in the capital expenditures. Chapter 7Conclusion In conclusion, China accession to the WTO involves both advantages and disadvantages. The distribution of advantages and disadvantages in different industries is unbalanced and there is great uncertainty in the change of advantage and disadvantage in specific industries. But on the whole, advantages outweigh disadvantages, the two-way opening brings in certain challenges but more opportunities.