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China touts record as WTO ends review of Bejing trade policies

THE World Trade Organisation (WTO) has concluded a regular review of China's trade policy, enabling members to examine China's trade policy and practices over the past two years, reports Xinhua.

Wang Shouwen, head of the Chinese delegation and vice commerce minister, briefed trade representatives on China's economic development, progress in "opening-up" trade and investment reforms.

"New approaches have been adopted in macro-economic regulation. New growth drivers have been cultivated and traditional ones retooled," said Mr Wang.

He referred to reforms of the administrative examination and approval system and reforms relating to the industrial and commercial registration, taxation and foreign investment approval.

Mr Wang also highlighted the opening-up steps China has undertaken since the previous review in July 2014.

"In 2015, GDP increased by 6.9 per cent, over 13 million new jobs were created in the urban areas. China became the largest trading partner of more than 120 countries and regions," he said.

Mr Wang spoke of setting-up three pilot free trade zones in Tianjin, Guangdong and Fujian and the establishment of the Asian Infrastructure Investment Bank and the Silk Road Fund.

Said WTO Trade Policy Review Body (TPRB) chairwoman Irene Young: "Members call upon China to assume the increased responsibility linked with being a major player in the multilateral trading system.

"Members do recognise that China has made progress in this direction and that they are expecting to see more extensive and quicker reforms in many of the areas," she said.

Ms Young congratulated China on opening its market from poor countries, and for its "leading role" in South-South cooperation.

All WTO members are subject to review, with the frequency of review depending on the economy's size. The US, China, the EU and Japan are reviewed every two years.